CRI听力:China Expected to Free Interest Rate in Two Years

The head of the People's Bank of China is maintaining his position that interest rate liberalization can be concluded within the next two years.

Speaking at the conclusion of this year's Sino-US Strategic and Economic Dialogue(,or S&ED,) Zhou Xiaochuan does caution the time-table will depend on economic conditions both in China and abroad.

"The schedule is made largely based on the domestic and international economies, but we think it can be realized within two years."

Earlier this year, Zhou Xiaochuan announced the central bank's plans to limit its grip on bank deposit rates, which is the last major step in liberalizing interest rates here in China.

Meanwhile, Zhou Xiaochuan also says China remains committed to relaxing its hold on the foreign exchage rate.

The value of the renminbi against the US dollar has been on the decline since hitting an all-time high in January.

China's central bank currently lets the yuan rise and fall to a maximum of 2-percent a day against the central parity rate.