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China Daily Mail

China Daily Mail

China will take a gradual approach to yuan reform and will not be in a hurry to free up deposit rates offered by banks, as it seeks to rebalance its economy and deepen its financial markets.

Beijing doesn’t plan a one-off revaluation of the currency and will instead allow market forces to determine the yuan’s value, Zhou Xiaochuan, governor of the People’s Bank of China (PBOC), was quoted in a magazine interview.

Banks will soon be allowed to set their lending rates, but liberalising deposit rates will depend on the strength of banks and other lenders, Caijing magazine quoted Zhou as saying.

A flexible yuan and a freer interest rate regime will help Beijing boost domestic demand in the economy, which relies too much on investments and exports at a time when the global economy is battling a slowdown.

“Since we have decided on the gradualism approach (for the yuan)…

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