Zhou Xiaochuan (C), governor of China's central bank, and four other senior financial officials give a press conference for the second session of China's 12th National People's Congress (NPC) on the financial reform in Beijing, capital of China, March 11, 2014. (Xinhua/Xiao Yijiu)

China to free deposit rates within two years

BEIJING, March 11 (Xinhua) -- China is very likely to ease its grip on bank deposit rates within one or two years, central bank governor Zhou Xiaochuan said on Tuesday.

Zhou made the remarks at a press conference on the sidelines of the annual session of the National People's Congress, China's top legislature.  Full story

China to pilot five private banks

BEIJING, March 11 (Xinhua) -- China will set up five private banks on a trial basis before the practice is extended to more places, the chief of the country's banking regulator said on Tuesday.

The first batch of five banks will be in Tianjin, Shanghai, Zhejiang Province and Guangdong Province, according to Shang Fulin, head of the China Banking Regulatory Commission (CBRC), at a press conference on the sidelines of the annual parliamentary session.  Full story