PBoC closes in on liberalisation with deposit insurance plan
Move aims to remove implicit subsidy to boost efficiency
The People's Bank of China (PBoC) underlined its determination to pursue interest rate liberalisation yesterday as it unveiled plans for a system of deposit insurance.
The Legislative Affairs Office of China's State Council published a draft regulation alongside a statement by the PBoC, and invited comments.
Under the proposals, deposits up to 500,000 yuan ($81,000) will be protected, with the scheme extending to all deposit-taking financial institutions in China. The PBoC says 99.6% of
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