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Interest rates in China 中国的利率 A small step forward 向前一小步 Chinas central bank has liberalised lending rates.Does it matter? 中国的央行放开了借贷利率，这有用吗? NOBODY can accuse the Peoples Bank of China , Chinas central bank, of beinggun-shy. A few weeks ago its clumsy attempt to restrain dodgier forms of bank lending ledto a bout of market panic. Many said the episode would chill enthusiasm for furtherexperimentation. 没人能指责作为中国央行的中国人民银行行动慎重。几周之前，央行笨拙地试探了收紧银行贷款，这引起了市场的一阵恐慌。许多人表示这会降低进一步作出改革的热情。 But on July 20th the PBOC experimented again. On that day the central bank ended allrestrictions on lending rates, which previously had a floor of 70% of the PBOC benchmarkrate. Banks are now free to set lending rates at anylevel they want. 但是在7月20日的时候，中国人民银行又做出了改革。当天，央行放开了借贷利率的限制，之前的标准是借贷利率不得低于央行标准额的0.7倍。现在银行可以自由设定贷款利率了。对住房抵押贷款的人来说是好消息。 In truth, the measure is less bold than it appears. The interest-rate reform that everyone iswaiting for is liberalisation of deposit rates. Chinas policy of financial repression has cappedthe rate that banks can pay depositors, even as it put a floor on the rate at which they mustlend. That has guaranteed fat profits for the big state banks, like Bank of China and theIndustrial and Commercial Bank of China, that dominate the financial system. | 
