Economy

xchrom

(108,903 posts)

17. China frees banks to set their own lending rates

Fri Jul 19, 2013, 09:17 AM

Jul 2013

http://www.bbc.co.uk/news/business-23377060

Chinese authorities have given the banking system greater freedom by allowing it to set their own lending rates.

Previously banks were not allowed to lend at rates below a certain level set by the People's Bank of China (PBOC).

The People's Bank said it hoped the move would lead to lower costs for companies.

It is being seen as a significant part of the government's plan to make the economy more market-orientated.

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