China to liberalize interest rates further

Aim is to allow the financial sector to better serve the real economy.

China will steadily push market-oriented reform in its interest rates and exchange rates mechanisms this year.

The People's Bank of China, the central bank, pledged to further optimize the credit structure to allow the financial sector to better serve the real economy.

It called for market-led steps to carry out innovation to make the country's financial sector more diversified and efficient, while stepping up regulatory controls to guard against possible risks.

China will make solid moves to build a deposit insurance system to prevent systematic and regional financial risks, said PBOC.