Kohn compares UK and US macro-prudential experience

Former Fed vice-chair calls for 'major role' for central bank

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Deposit rate deregulation is necessary for financial stability and essential to promote efficient allocation of resources, but the process of deregulation can also threaten stability, Donald Kohn, the former vice-chair of the Federal Reserve and an external member on the Bank of England's Financial Policy Committee, said in a speech in Beijing yesterday.

Discussing macro-prudential lessons for China by comparing the regulatory regimes of the US and the UK, Kohn also stressed the importance of

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