China details deposit rate liberalisation 
Zhou Xiaochuan, governor of the People’s Bank of China, outlined plans to liberalise deposit rates within two years, in a speech to the National People’s Congress on March 11. Zhou Xiaochuan and the heads of other four financial regulators (State Administration for Foreign Exchange, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission) held a joint press conference. In addition to liberalising deposit rates within one to two years, Zhou announced intentions to free up the renminbi through measures such as renminbi offshore trading centres, and opening the country’s capital account.