THE People's Bank of China is committed to reforms to make the country's financial system more market-oriented, says Mr Chen Yuan, deputy governor of the central bank. The country's banks, particularly state-owned specialised banks whose lending policies are largely determined by political decree rather than commercial criteria, would be given more operational authority, Mr Chen told a seminar organised by the China-Britain Trade Group. These banks would ''become independent, accountable and responsible for fund balance, risks and development of their own'', he said. Banks' autonomy and risk management is outlined in a draft regulation which has been sent to the State Council, China's cabinet, for approval. Mr Chen said state-run enterprises would be forced to go to the market and be ''subject to market rule and regulation'', instead of having to rely on the state for favours. The interbank, corporate bond and stock markets would be expanded to make corporations more market-oriented. He noted that under the old system of central planning, neither banks nor enterprises were responsible for risks. Mr Chen also said the interest rate structure would be rationalised so that rates would reflect demand for funds.