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China vice-premier Zhang Gaoli reaffirms economic reforms

Published on Mar 23, 2014 11:43 AM
 
Chinese Vice-Premier Zhang Gaoli makes a speech during China Development Forum in Beijing March 23, 2014. Mr Zhang reaffirmed to a group of visiting senior foreign executives and officials on Sunday, March 23, 2014, that the country will introduce market-based interest rates and a market-based exchange rate for the yuan currency. -- PHOTO: REUTERS

BEIJING (REUTERS) - Chinese Vice-Premier Zhang Gaoli reaffirmed to a group of visiting senior foreign executives and officials on Sunday that the country will introduce market-based interest rates and a market-based exchange rate for the yuan currency.

Mr Zhang, speaking at the annual China Development Forum, said China will "introduce a modern and competitive market system with fair and open market rules". He provided no details.

China's central bank will focus on liberalising bank deposit rates over the next two years, while loosening its grip on the yuan currency to give greater influence to market forces, a vice governor of the People's Bank of China said on Saturday.

Central bank chief Zhou Xiaochuan said earlier this month deposit rates were likely to be liberalised in one to two years, but government economists and policy advisers told Reuters they believed the central bank was treading cautiously as economic growth slows.

 
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