China deposit rates to be liberalised in 1-2 years

CHINA'S interest rates will be liberalised within one to two years, the head of the Chinese central bank said yesterday, on the sidelines of the National People's Congress currently being held in Beijing.

"Deposit rate liberalisation is on our agenda. Personally I think it's very likely to be realised within one to two years," said Zhou Xiaochuan, the head of the People's Bank of China.

He added that the liberalisation of deposit rates would be the final step in the interest rate liberalisation process.