China's central bank said Thursday that the benchmark deposit interest rates, the "ballast stone" of the entire interest rates system, will be retained for the long term.

 

In a statement released after a teleconference on deposit management, the People's Bank of China (PBOC) stressed the externalities of deposit rate pricing, noting that the competition order in the deposit market is closely related to the vital interests of the people.

 

Positive results have been yielded after the PBOC enhanced deposit management in recent years by pushing the self-discipline mechanism for market interest rate pricing, as well as regulating the innovative deposit products, the PBOC said.

 

The PBOC urged further efforts to improve deposit management, strengthen the regulation of non-standard innovative deposit products and maintain the competition order in the deposit market.