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Government and Policy

Low rates may hinder financing: PBOC governor

(Xinhua)
Updated: 2009-11-20 11:15

BEIJING: Low interest rates would discourage financial institutions from providing adequate financing to the real economy, Zhou Xiaochuan, governor of the People's Bank of China (PBOC) said Friday.

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He told the 2009 Business Week CEO Forum in Beijing that low interest rates, especially the deposit rate, would reduce pressure on financial institutions and thus they would not actively provide financial services to the real economy, he said.

The one-year benchmark deposit rate stands at 2.25 percent among Chinese banks. The rate has been unchanged since December last year when China's central bank cut loan and deposit rates by 0.27 percentage points.

In efforts to stimulate the economy following the global financial crisis, the central bank cut the interest rates five times in four months from September to December last year.