China Plans to Introduce A Daily Benchmark Rate

SHANGHAI, China -- China's central bank plans to publish daily short-term yuan interest rates that would become the benchmark for new financial products, the latest step by regulators to build a market-oriented credit system.

The People's Bank of China plans to launch the Shanghai interbank offered rate, or Shibor, people familiar with the plan said recently.

Under China's plan, expected to be announced before year end, banks would provide daily bid-and-offer rates in a range of maturities, from ...