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CB's USD/HK Interest Rates Notch Lowest in 20 Years
Chinese-funded Commercial Bank, starting on June 6, lowered its interest rates on USD and HK dollars. The interest rates of one-year USD and HK dollar fixed deposits now are 2.5 and 2.625 percent, down 0.1875 and 0.375 percentage points respectively, known as the lowest in past 20 years since 1980 according to insiders.
So far, the People's Bank of China had for several times cut its home interest rates of foreign currency deposits on account of international interest rate fluctuations since December 2000. The interest rate of one-year USD deposits has been cut to 2.5 percent from 5.5 percent before Dec. 23, 2000; six-month, 2.4375 percent; and three-month, now 2.375 percent. The interest rate of one-year HK dollar deposits has been lowered from former 3 percent to current 2.625 percent; six-month, 2.5625 percent; and thee-month, 2.4325 percent. It goes without saying these two are at an interest level of one-year RMB deposits, 2.25 percent.
By PD Online Staff Du Minghua
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