China to Lift Bank Lending Rate Controls

China is lifting some controls on bank lending rates, in a step toward a more market-oriented financial system.  China’s central bank said Friday it was canceling the “floor” on interest rates to be paid by borrowers, so that financial institutions can set the rates themselves. The change will go into effect on Saturday.   A floor will remain for mortgage loans. The central bank says it is not adjusting rates for mortgage lending in order to protect the …

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