China dramatically shifts interest rate policy
The People’s Bank of China has made the groundbreaking decision to allow banks greater flexibility in interest rate policy. For years it had been of the opinion that rigid control of rate policy would protect banks from painful losses on bad loans.
China’s central bank announced on June 8 that it would allow banks to offer savings rates higher than the benchmark rate. This marks a dramatic departure from long-standing interest rate policy and injects greater competition into the Chinese banking sector.
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