Development is major step in liberalization of interest rates

The time for establishing a deposit insurance system-a major step for interest rate liberalization-is basically ripe, and banks are resilient enough for market-oriented pricing of deposits and loans, said the People's Bank of China on Friday.

"We're now working with other departments to improve the implementation plan, and promote the establishment of such a system as soon as possible," the People's Bank of China said in its 2013 financial stability report.