Nine banks - "big four" state-owned lenders, Bank of Communications, China Citic Bank, China Merchants Bank, Industrial Bank and Shanghai Pudong Development Bank – have been allowed to issue the country's first batch of large-scale certificates of deposit (CDs) since June 15, 2015, according to People's Bank of China.

In an interview with a clerk with a big lender, a reporter with China's First Financial Daily is told that compared with individual investors, institutional investors might have far more appetite for large-scale CDs which will diversify depository products and satisfy various needs of investors.

Moreover, the CDs will promote China's market-oriented reforms of interests. Wen Bin, chief researcher with China Minsheng Bank said that with the issuing of large-scale CDs and deposit insurance scheme, China might lift the deposit rate ceiling and free up deposit rate ceiling in the second half of this year or in the early 2016.