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China ready to launch deposit insurance system: Central bank report

Published on Jun 5, 2013 3:52 PM

BEIJING (REUTERS) - Conditions are mature for China to launch a long-awaited deposit insurance system after consensus was reached within the government, according to the central bank's financial stability report, sources with knowledge of the report's contents said on Wednesday.

"We are ready in various aspects to set up a deposit insurance system. After numerous research and debates, all sides have reached consensus and we will kick off the scheme at a proper time," the report said.

The central bank had published a summary of the financial stability report in late May, without providing details. It is likely to issue the full report on its website sometime in the coming months.

The central bank was not immediately available for comment on the report.

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