自2005年以来，在国内储蓄过剩、资本账户严格管制和信贷高速扩张的背景下，中国商业银行的官方利率相对需求一直处于过低水平，而且受限于存款和贷款利率的严格管制。
Given excess domestic savings, a tightly controlled capital account, and rapid credit creation, interest rates have been low relative to demand since 2005.