Yi Gang, governor of the People’s Bank of China, has signalled that the country is reforming its dual-track interest rate system. Photo: Bloomberg
Aidan Yao
Opinion

Opinion

Macroscope by Aidan Yao

China has taken a key step towards interest rate and monetary system reform, but caution will rule

  • The new lending reference rate is an important piece of reform for Chinese banking, as Beijing tries to lower funding costs and help the economy
  • But it will be keen to avoid the mistakes of other nations on liberalising deposit rates

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Yi Gang, governor of the People’s Bank of China, has signalled that the country is reforming its dual-track interest rate system. Photo: Bloomberg
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