Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (1860)	12/10/2003 12:42:07 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

CORRECTED - CORRECTED-UPDATE 1-China banks float lending rates more widely Reuters, 12.10.03, 5:40 AM ET In BEIJING story headlined "China to let banks float lending rates wider" please read in first paragraph... to up to 1.7 times its basic rate... instead of... by up to 1.7 times its basic rate... (correcting the change in rates). In second paragraph please read... to between 4.78 percent and 9.03 percent... instead of... between 4.78 percent and 9.03 percent... (also correcting the change in rates). A corrected version follows. (Adds details) BEIJING, Dec 10 (Reuters) - China's central bank said on Wednesday it would allow commercial banks to raise lending rates to up to 1.7 times its basic rate in the latest step towards a freer, market-driven banking system. Banks and urban credit cooperatives would be allowed to lower or raise their one-year lending rate to between 4.78 percent and 9.03 percent based on the basic rate of 5.31 percent, effective from January 1, 2004, the bank said in a statement. The financial institutions would be allowed to set lending rates as low as 0.9 times the basic rate, said the statement published on the central bank's Web site: www.pbc.gov.cn. "Expanding the floating band on lending rates will help create a market environment for fair competition and help fulfil promises for entering the World Trade Organisation," it said. The government had already allowed banks to raise lending rates higher than its benchmark rate to help fast-growing smaller companies with little government backing to get loans. Under the new regulations, rural credit cooperatives would be allowed to float their lending rates between 0.9 times and two times the basic rate. forbes.com