Macao Banks Lower Interest RateThe banks in China's Macao Special Administrative Region (SAR) cut down the interest rate by 0.5 percent Monday, which now represents the lowest level since 1994.This was the result of the recent decision of the U.S. Federal Reserve to lower the interest rate, as Macao and Hong Kong banks calculate the rate in a way that is directly linked with that of the U.S. banks, according to the Association of Banks of Macao. The interest rate of current pataca deposits in Macao's banks has dropped to two percent following five continuous cuts so far this year. Economists note that lower interest rate will reduce the managing cost of local enterprises and spur Macao's exports, benefiting the recovering economy of the SAR. |
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