“Interest rate reforms are part of a broader effort of China’s new leadership to steer the world’s second-largest economy towards a growth model that relies more on domestic consumption and gradually scale back controls and directives and allow market forces to play a greater role. The introduction of NCDs may have limited immediate impact, but the pilot is widely seen as a heralding the eventual dismantling of controls on bank deposits rates. The sources said that permission for NCDs will be expanded to other banks and non-banking institutions, paving the way for launching certificates of deposit for corporate and individual investors.”
http://www.reuters.com/article/2013/08/22/us-china-economy-reform-idUSBRE97L0EY20130822
Related posts:
Neiman Marcus hack hit 1.1 million customers
UK lawmakers urge tough new press rules
France Targets Deficit Cut With Tax-Hiking Budget
Libyans demand end to violence of rebel militias from 2011 regime change
Bitcoin’s Washington problem
After Homicide Ruling, No Charges Against Cops Who Killed Disabled Man In A Movie Theater
Obama toasts Bush: 'We are surely a kinder and gentler nation because of you'
Woman with thalidomide-related birth defects wins multi-million dollar settlement from drug companie...
New IRS guidance limits FBAR seizures to a mere 100% of account value
Man spends 2 years forgotten about in solitary after DWI arrest
As Bitcoin Surges, Here's How It Compares to Gold
Poll: Three-fourths of US says pot will be legal
Obama Presses for Action on Bank Rules
Dwolla Credit launched as competitor to PayPal's Bill Me Later
Women to assume combat roles in U.S. military