The Chinese central bank has issued a new directive on interest rates to curb the high guaranteed yields offered by certain domestic lenders on structured deposits.
The People’s Bank of China (PBOC) has informed commercial banks of the new “People’s Bank of China Notice Concerning the Strengthening of Deposit Interest Rate Regulation” (国人民银行关于加强存款利率管理的通知) which sets up new requirements around self-regulatory mechanisms for the market pricing of interest rates, according to local media reports. The new rules seek to strengthen self-regulatory management of deposit rates; and the inclusion of the gua
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