In the end, it was the reform that wasn’t. Last weekend, China’s central bank abolished the lower limit on interest rates that banks can charge borrowers. It was meant to be a step along the road from centrally commanded to market-driven rates. But the step is so small – and so irrelevant to what is going on in the market – that it is expected to have no impact whatsoever. The very best that can be said about the reform is that it kept the idea of reform alive.
最终，manbetx3.0 实施了算不上改革的改革。上周，manbetx3.0 央行取消了银行贷款利率下限。这是在利率从中央管制过渡到市场驱动的道路上迈出的一步。但这一步迈得如此之小——如此落后于市场现状，可以预期几乎不会产生任何影响。如果要称赞这项改革，我们最多可以说，它维持了改革观念的生命。
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