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Liberalizing interest rate
利率自由化
The People's Bank of China said that it will allow the issue of large-denomination, floating-rate certificates of deposit to individuals and companies, a key step forward in interest rate liberalization.
中国人民银行近日表示，将允许面向个人和企业等推出的浮动利率大额存单产品，此举意味着央行向利率市场化迈出了关键一步。
The certificates of deposit (CD) will be tradable in the secondary market. There will be nine maturities ranging from one month to five years.
该存单期限包括1个月至5年共9个品种，可在二级市场转让。
The floating rates will be based on the Shanghai Interbank Offered Rate. The minimum size for individuals will be RMB300,000. For institutional investors, it will be RMB10m.
浮动利率存单以上海银行间同业拆借利率为基准计息。个人投资人认购起点金额不低于30万元，机构投资人认购起点金额不低于1000万元。
The CDs will be covered by the deposit insurance program.
存单受存款保险制度保障。
