China may ax interest rate controls within 2 years

Published March 11, 2014 5:24am ET



BEIJING (AP) — China is likely to ease controls on interest rates paid on bank savings within two years and will allow wider use of its tightly controlled currency for trade and investment, the central bank governor said Tuesday.

Zhou Xiaochuan’s comments follow pledges by Chinese leaders to make the country’s slowing economy more productive by giving market forces a “decisive role” in allocating credit and other resources.

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