China liberalizes bank lending rates in reform push

BEIJING (Reuters) - China's central bank announced long-awaited interest rate reforms on Friday, scrapping the previous floor on the rates that banks charge clients for loans.

The People's Bank of China (PBOC) also said in a statement on its website that it would remove controls over bill discount rates. It did not remove a cap on deposit rates.

The new rules come into effect on Saturday.

(Reporting by Kevin Yao; Writing by Jason Subler)