Chinese Premier Li Keqiang said reserve requirements would be relaxed for qualifying rural banks in a sign that more loosening policies are likely on the way.
"China's currency yuan, or renminbi (RMB) appreciated on a trade-weighted basis in 2013 but not as fast or by as much as is needed," the US Treasury said.
Washington has been pressing China for years to allow its currency to trade at stronger values.
"The pressure isn't severe. Chinese banks still enjoy a loan price advantage. We maintain a stable outlook on sector margins this year."
Wenzhou local government has rolled out a series of initiatives aimed at exposing the previous underground lending system to "sunlight", which means putting it under a legal framework.
The bank said the latest growth, which slowed from 15 per cent recorded in 2012, was achieved thanks to increased interest income, steady expansion and cost reduction.
Earlier this month, the solar cell producer Shanghai Chaori Solar Energy Science & Technology became the first Chinese company in the PRC’s history to default on a domestic corporate bond.
A more flexible and volatile exchange rate is likely to give rise to more genuine participation and less speculation, reports Gao Changxin from Shanghai
The USD/CNY exchange rate jumped 316bps to close at 6.1943, snapping a declining streak for weeks.
Slump to lowest level in year may mark the end of appreciation
The rises came following the People's Bank of China (PBoC)'s move on Tuesday to pull CNY 100billion out of the financial system.
A key point to keep in mind is that Chaori’s default should be not be viewed as anything more than a test case for the time being.
China will double the yuan's daily trading band to 2 percent starting March 17.
The central bank is suggesting a limit of CNY1, 000($162.6) for each transfer and CNY10, 000 for yearly aggregate cash transfer.
The suspension came a day after CITIC Bank announced that the bank planned to partner with Alibaba and Tencent to issue virtual credit cards based on QR code payments.
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