Possibility of liberalizing interest rate in China high this year

Zhou Xiaochuan, governor of the People's Bank of China, answers questions at a press conference for the third session of the 12th National People's Congress (NPC) on financial reform in Beijing, capital of China, March 12, 2015. (Xinhua/Li Xin)

BEIJING, March 12  -- Chinese central bank governor Zhou Xiaochuan said Thursday that the possibility for China to fully liberalize the interest rates mechanism is "very high" this year.

In another step towards liberalizing the interest rates mechanism, China's central bank last month decided to adjust the upper limit of the floating band of deposit rates to 1.3 times the benchmark from the previous 1.2 times.