China's central bank will remove interest rate ceilings on smaller foreign-currency deposits in the Shanghai Free Trade Zone (FTZ) from March 1, the latest in a spate of long-anticipated financial reforms.
The relaxation applies to deposits of less than 3 million U.S. dollars owned by businesses and agencies registered in the zone or by individuals who have worked in the zone for more than one year, said the Shanghai headquarters of the People's Bank of China (PBOC) on Wednesday.
Currently, regulatory caps apply to one-year or other shorter-term deposits in U.S. dollars, Japanese yen, euros and Hong Kong dollars. Deposits worth more than 3 million U.S. dollars are not subject to ceilings.
The move marks the full liberalization of interest rates on foreign-currency deposits in the FTZ and could be promoted nationwide after experimentation, said officials and experts.
The reform will help to test the market and to gain experience, laying a firm foundation for the deepening of interest-rate liberalization nationwide, said Zhang Xin, deputy director of the PBoC's Shanghai headquarters.
Wang Xinhao, governor of the Shanghai branch of the Shanghai Pudong Development Bank, said the latest move came as the FTZ speeds up innovation in financial systems, which could be copied in other parts of the country.
The foreign-currency deposit rate liberalization is not expected to exert heavy pressure on the country's monetary controls and financial stability due to the little sum of smaller foreign-currency deposits, said economists.
There are risks of cross-border arbitrage as the deposit rates on major foreign currencies in China are higher than in their home countries due to easy credit.
Foreign-currency deposits in the zone totalled 4.8 billion U.S. dollars. Among this, only 1.2 billion U.S. dollars is in smaller deposits, official data showed.
"The interest rate liberalization in the zone is being pushed forward in a gradual manner, rather than being achieved in one go," said Zhu Jianfang, chief economist of Citic Securities. "The gradual approach is within market expectations."
The central bank is cautious as it seeks to contain risks, said Lian Ping, chief economist of the Bank of Communications.
"Possibly bearing in mind cross-border arbitrage risks, the cap on Renminbi deposits rates in the zone still has not been lifted," said Lian.
The local currency already has higher deposit rates and liberalization could push them higher, carrying the risk of encouraging more cross-border arbitrage by cheap foreign money.
Among other reforms, the central bank on Friday unveiled details of trans-border yuan regulations in the zone. Companies set up there can now borrow offshore yuan without previous restraints.
The Shanghai FTZ was launched last September when China is tackling challenges that have emerged from its upgrade to a more value-added and consumption-driven model. It is viewed as a test bed for China's drive of deepening market-oriented reforms and boosting economic vitality.
The FTZ is built to seek institutional arrangements that can be copied and rolled out nationwide, according to Jian Danian, deputy director of the FTZ's managing committee.
主站蜘蛛池模板： 黑森林av福利网站| 免费观看国产小粉嫩喷水| 91精品国产91久久久久| 最近韩国电影免费观看完整版中文| 国产 欧洲韩国野花视频| 91在线|欧美| 搡女人真爽免费影院| 亚洲女人18毛片水真多| 美女久久久久久| 国产国语在线播放视频| 99久久亚洲综合精品成人网| 总裁舌头伸进花唇裂缝中| 亚洲一区二区三区在线观看网站| 精品无码成人网站久久久久久 | 久久精品午夜福利| 爱看精品福利视频观看| 六月婷婷综合网| 怡红院国产免费| 彩虹男gary网站| 久青青在线观看视频国产| 狠狠色先锋资源网| 国产乱子伦精品无码码专区| 国产精品久久女同磨豆腐| 国产精品亚洲精品青青青| 67194在线看片| 国产麻豆交换夫妇| 中文字幕日韩国产| 欧美一级做a影片爱橙影院 | 92午夜少妇极品福利无码电影| 手机在线视频你懂的| 久久久久亚洲精品天堂| 欧美性生恔XXXXXDDDD| 亚洲欧美久久精品| 母子俩肥水不流外人田| 亚洲精品国产电影| 波多野结衣教师诱惑| 四虎色姝姝影院www| 色爱无码av综合区| 国产福利久久青青草原下载| 18禁白丝喷水视频www视频 | 正在播放国产美人|