China's central bank governor Zhou Xiaochuan said on August 19 the economy will not post persistent slowdowns, indicating the bank is ready to fully liberalize the financial market by removing the ceiling on deposit rates.
Zhou said the central bank will continue to implement its "prudent" monetary policy and conduct structural fine tuning where needs be.
China's current growth rate, he said, is in line with the government's plans to transform the economy, which still has powerful endogenic growth potential and will not slow further.
In response to when the central bank will liberalize the rate on deposits, Zhou said the reform is underway as planned. |