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China's Deposit Insurance Brings Floating Interest Rates Closer

Xiamen Chine Stone Co.,Ltd | Updated: Apr 02, 2015

China's deposit insurance brings floating interest rates closer


BEIJING -China's introduction of bank deposit insurance is ultimately expected to lead to deregulation of interest rates, signaling policy makers' commitment to financial reforms.


The central government announced on Tuesday that the scheme will begin on May 1, reimbursing savers if their banks suffer insolvency or bankruptcy. The scheme has been debated for nearly 20 years.


The reimbursement cap of 500,000 yuan ($81,500) covers around 99.6 percent of accounts inChina's banking system. Close to 12 times annual per capita GDP, the cap is more generous than the prevailing international standard of two to five times.


"Deposit insurance will pave the way for a market-based exit mechanism for banks and greater interest rate liberalization," said Qu Hongbin, chiefChinaeconomist at HSBC.


The move is expected to put paid to the widespread belief among investors that the government will invariably bail out banks and protect deposits. Deposit insurance can lower the possibility of a run on a bank and contain financial contagion. ( is the 1st client of Alibaba in Fujian-Province.


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