People’s Bank of China should enjoy more autonomy in interest rate management in order to enhance efficiency of economic reform and policy, FTChinese.com reported, quoting Liu Lida, chief of institute of currency policy and theory research with the bank.   Liu said on a forum that the execution of economic policy would be made more efficient if the central bank can have the autonomy in adjusting the interest rate without excessive supervision from other ministries as well as the central government.   Although a spokesperson with the central bank said that Liu’s forum record does not accurately represent the bank’s perspective, a Beijing economist pointed out that Liu’s statement reflects the ongoing internal discussion between the bank and the political circle.   Currently, the central bank cannot execute important decisions without the permission of the State Council.   After comparing the structure of China’s central bank with other countries’, economists said that China’s system is backward. Bigger autonomy and certain level of independence should be granted to the central bank.   A report released by the International Monetary Fund (IMF) last year suggested that although internal advanced discussion between different official departments may provide enough support for any interest rate changes, execution of policy is also considerably postponed.   The Chinese government has been reluctant to accelerate the execution of forex rate reform to raise yuan’s flexibility. In the past two years, this has restrained the influence of forex rate over the curb of economic growth and forced the decision-makers to rely on traditional administrative macro controls.