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China Lowers Some Foreign Money Deposit Interest Rates
China cut the interest rates on US dollar, British pound and Hong Kong dollar petty deposits as of December 23, this year, with approval from the People's Bank of China in light of the international market interest rate fluctuation.
The new interest rates on US dollar, British pound and Hong Kong dollar petty deposits are 5.0000 percent, 4.6875 percent, 4.9375 percent, respectively, 0.5000 percent, 0.5625 percent and 0.3750 percent lower than the previous rates.
The cut of interest rates on petty foreign currency deposits is set in accordance with interest rate change on the international market and the cost of capital of China's commercial banks, the move indicates that China has gradually adapted its interest rates on foreign money deposits to the international market development.
By PD Online Staff Li Yan
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