China Lowers Foreign Currency Deposit RatesThe People Bank of China (PBOC) has decided to lower its one-year foreign currency deposit interest rate, effective September 22, due to the impact from rate cut by the US Fed Reserve, European Central Bank (ECB) and central banks of other countries.The PBOC cut deposit rates for the US dollar, the Euro, Hong Kong dollar, Canadian dollar, Swiss franc, and British pound. The deposit rates for the US dollar, sterling pound, the Euro, Hong Kong dollar, Canadian dollar and Swiss franc were reduced to 2 percent, 3.25 percent, 2.5percent, 2.125 percent, 2.375 percent and 1.25 percent respectively, a cut of 0.3125 percent, 0.1875 percent, 0.375 percent, 0.3125 percent, 0.625 percent and 0.25 percent. By PD Online staff member Li Heng |
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