Not least thanks to these actions, the recent weeks have seen a noticeable improvement in the euro money market. For example, in the past week, the spreads between term deposit and overnight index swap rates declined considerably, by 15 to 20 basis points along all maturities, reflecting the continued fall in the Euribor rates.
Governance structures of state-owned commercial banks saw fundamental changes owing to the listing of these banks, corporate transparency enhancement, and supervision based on international accounting standards and external audit requirements. Although facing huge accumulation of foreign exchange reserves, China insisted on introducing foreign strategic investors, encouraging overseas listing of commercial banks, and increasing inflows under capital account during the reform of state-owned commercial banks.