As gyrations in China’s stock market captivated the world’s attention in recent months, less eye-catching but ultimately more important changes were under way in the country’s Rmb133tn ($21tn) market for bank deposits.
Chinese lenders sold certificates of deposit to the public at unregulated interest rates for the first time in the second quarter, the central bank has revealed, marking a milestone in the government’s push to let market forces set the price of money.
Eliminating government control over interest rates is seen as a crucial step in shifting China’s growth model away from state-directed investment and forcing banks to allocate funds more efficiently.
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