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China Cuts Forex Interest Rates
With ratification from the People's Bank of China (PBOC), China's commercial banks will lower the interest rates for small-sum deposits in US dollars, pound sterling, HK dollars and Canadian dollars as of February 7.
According to PBOC sources, the interest rate for one-year deposits in U.S. dollars will be lowered from 4.125 percent to 3.8125 percent, while that for one-year pound sterling lowered from 4.6875 percent to 4.125 percent, that for one-year HK dollar lowered from four percent to 3.75 percent, and that for one-year Canadian dollar lowered from 4.3125 percent to 3.625 percent.
A PBOC spokesman said that this move has been made in accordance with the related interest rate changes in the international market.
He said that China will continue to readjust the interest rates of its petty deposits in foreign currencies to suit the changes in the international market, so as to coordinate the country's policies governing the interest rates for local currency and foreign exchange, and help maintain a stable local currency and a balanced international payment.
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