China to hasten financial reforms during 2014
~~HONG KONG – HSBC says China's financial reforms are likely to advance faster than many had expected in 2014. People’s Bank of China Governor, Zhou Xiaochuan, today for the first time affirmed that he expects deposit rates to be liberalised within one-to-two years. “China will also accelerate capital account opening-up and allow private commercial banks to be set up,” HSBC says. “We expect this determined push for financial reform to mean a widening of the floating band for deposit rates within 2014, and the introduction of a deposit insurance scheme in the coming months as well.”