MNI with this:

  • The PBOC has denied a recent media report about China re-introducing interest rate controls
  • Says its a distortion of facts and misleading
  • PBOC says voluntary negotiations took place in May over deposit and lending rates among banks in Beijing
  • This was aimed at maintaining fair competition and preventing irrational pricing
  • People's Bank of China says China will continue with its market-oriented reform efforts while also encouraging financial institutions to set interest rates independently and rationally