China's central bank denounces foreign media's "distorted" report

The People's Bank of China (PBOC), the central bank, on Monday hit out at a report by an unnamed "foreign media outlet" for painting a distorted picture of China's bank interest policy.

The report was distorted as it claimed China was starting to recover bank interest control and would again restrict the floating ranges of deposit and lending interest rates, the PBOC said in a statement.

In fact, China has sped up its market-based reform of interest rates in recent years by removing limitations on borrowing and lending rates and ending controls on bank interest rates, said the statement.

The PBOC condemned the report, which was "irresponsible and against professional ethics," and added that it retains the right to file a complaint through legal channels.

The central bank also said it will remain committed to a market-oriented reform.