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BOC Raises Interest Rates of Major Foreign Currencies
The Bank of China (BOC) has raised deposit and lending rates for four major foreign currencies -- U.S. dollar, British pound, euro and HK dollar, as well as the deposit rates for Canadian dollar and Swiss franc in China.
With approval of the central bank, the rates hike took effect May 28.
For the U.S. dollar, the one-year deposit rate was raised to 5 percent, and the one-year lending rate, to 8.125 percent.
For the British pound, the one-year deposit rate now stands at 5.1875 percent, and the one-year lending rate, at 7.8125 percent.
The deposit and lending rates of euro was increased to 3 percent and 5.625 percent, respectively, while the rates of HK dollar, to 5.5 percent and 9.25 percent.
The one-year deposit rates for Canadian dollar and Swiss franc now stand at 4 percent and 1.625 percent respectively.
The new round of rates hike came after rate increases in both the United States and Europe. Other Chinese financial institutions trading foreign currencies also raised their rates.
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