... when the deposit-rate ceiling is binding. The lending-rate floor either has an indeterminate impact or no impact on the market rates, depending on whether the floor is binding. In this linear ... Honglin Wang Dual-track Interest Rates and the Conduct of Monetary Policy in China 6 Dong He and Honglin Wang Dual-track Interest Rates and the Conduct of Monetary Policy in China ... Proof of the Result 2.2 Given that both the deposit-rate ceiling and the lending-rate floor are binding, the market rate in the deposit market is the ceiling bdr, and the market rate in...