When China cut interest rates last week, the move was seen as an effort to stimulate the slowing economy. But in the long term, the greater significance may lie in a less-noticed change to the way that Chinese banks set deposit rates.
The new measure permitted banks to set deposit rates 10 per cent above the benchmark level.
This seemingly minor adjustment was an important first step towards dismantling a ceiling on deposit rates that the government had previously used to limit competition between banks.
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