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China Lowers Forex Deposit Rates
The People's Bank of China announced Tuesday that the deposit interest rates of U.S. dollars, Hong Kong dollars and Swiss Francs in Chinese commercial banks will be lowered as of May 23, Wednesday.
According to the announcement, the interest rates for one-year term U.S. dollars, Hong Kong dollars and Swiss Francs are lowered to 2.6875 percent, three percent and 1.6875 percent, respectively, down 0.3125, 0.125 and 0.3125 percentage points.
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