PBOC denies reports of reintroducing interest rate controls

MNI reported earlier today that PBOC denied a recent media report about China re-introducing interest rate controls.

Key Headlines from PBOC:

It’s a distortion of facts and misleading

Voluntary negotiations took place in May over deposit and lending rates among banks in Beijing

This was aimed at maintaining fair competition and preventing irrational pricing

China will continue with its market-oriented reform efforts while also encouraging financial institutions to set interest rates independently and rationally