In a move that should lead to gradual liberalization of deposit rates, China plans to introduce certificates of deposit in the interbank market, expanding the number of debt products priced by the market, according to central bank Vice Governor Hu Xiaolian. Commented ANZ China economists Liu Ligang and Hao Zhou, "We believe this is an important step towards full interest rate liberalization and that China could start the deposit issuance scheme next year."

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