China prepares to insure bank deposits

06/10/2013 | Xinhuanet.com (China)

The People's Bank of China said the government has reached a consensus on insuring bank deposits and is ready to put the program into effect. The central bank says in its 2013 financial-stability report that deposit insurance will "increase the flexibility of commercial banks in terms of financial business innovation and risk control." The report doesn't say whether the insurance system will be run by a private entity or the government.

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