China launches draft rules for insurance of bank deposits

Beijing

CHINA on Sunday issued draft regulations to introduce a bank deposit insurance system for the first time, the latest in a series of steps that pave the way for liberalising lending rates.

The draft rules, issued by the Legislative Affairs Office of the State Council, China's cabinet, directly cover deposits of up to 500,000 yuan (S$106,000), according to a notice published on the website of the People's Bank of China.