China is poised to launch a nationwide deposit insurance scheme, a crucial step towards removing an implicit guarantee that the government will not allow banks to fail.
The long-awaited plan will insure deposits up to a maximum limit of Rmb500,000 ($81,336), a threshold that will cover about 98 per cent of deposits in Chinese commercial banks, local media reported on Friday, citing unnamed central bank officials.
The rollout of deposit insurance, scheduled for January, will also help pave the way for authorities to deregulate bank-deposit interest rates.
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