PBOC ready to liberalize deposit interest rates

BEIJING - China's central bank governor Zhou Xiaochuan said Monday the economy will not post persistent slowdowns, indicating the bank is ready to free the long-awaited deposit interest rates to fully liberalize the financial market.

During an interview, Zhou told reporters that the People's Bank of China (PBOC) will continue to implement the prudent monetary policy and conduct some structural finetunings if needed.

The current growth rate is at normal level. China still has powerful endogenic potential of growth and will not slow further, he said.

In response to when the central bank will liberalize the deposit interest rates, Zhou said PBOC is ready and the reform is underway as planned. He is personally optimistic.