CONDITIONS are ripe for China to launch a long-awaited deposit insurance system after a consensus was reached within the government, according to the central bank’s 2013 financial stability report, sources with knowledge of the report’s contents said yesterday.
The report paves the way for liberalizing the interest rate regime and marks the latest step forward toward market-based reforms to eventually free up China’s financial sector.
“We are ready in various aspects to set up a deposit insurance system. After numerous research and debates, all sides have reached consensus and we will kick off the scheme at a proper time,” the report said.
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Shanghai Daily.com via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/BlUY836vcKI/
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