High savings (sometimes mandatory), interest rate controls, and high economic growth let Chinese banks enjoy a steady interest rate spread and a larger loan volume.

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In fact, the existence of LSAs and RSAs will create pressure to make all investment income and gains tax free, just as money market funds in the mid-1970s ended Washington's long-standing interest-rate controls for bank deposits.

FORBES: Fact and Comment

Also, we've got to look at freeing up pricing controls, with interest-rate deregulation.

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Price controls, which is what interest rate caps are, always have unintended consequences.

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Meanwhile, the Fed is holding the interest rates it controls, the Fed Funds Rate and the U.S. Prime Rate, at record low levels.

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All that the Fed really controls is its balance sheet, and the interest rate that it pays on bank reserves.

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