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China ends controls on bank lending rates in a "significant" step towards market economy
Chinese authorities have given the banking system greater freedom by allowing it to set their own lending rates.
Previously banks were not allowed to lend at rates below a certain level set by the People's Bank of China (PBOC).
The People's Bank said it hoped the move would lead to lower costs for companies.
It is being seen as a significant part of the government's plan to make the economy more market-orientated.
"It's a very big deal, probably more in terms of what it symbolises than the effect on the economy," said Mark Williams, chief Asia economist at Capital Economics.
"China has been talking about interest rate liberalisation for a long time, this is one of the biggest steps they could have taken," he said.
http://www.bbc.co.uk/news/business-23377060#TWEET827277
