Related News
Interest rates liberalized on small foreign-currency deposits in Shanghai
Online Edition
CHINA’S central bank will liberalize interest rates on smaller foreign-currency deposits for all of Shanghai, marking the first successful pilot reform in the China (Shanghai) Pilot Free Trade Zone to be expanded outside the area.
Shanghai will remove interest rate ceilings on foreign-currency deposits under US$3 million tomorrow after a four-month trial in the FTZ, the Shanghai Head Office of the People’s Bank of China said today.
The city has more than a combined US$20 billion in small foreign-currency deposits, according to Zhang Xin, deputy director of the Shanghai Head Office of the PBOC.
“Pricing of foreign-currency deposits in Shanghai is the benchmark for China. The plan will later expand from companies to individuals,” Zhang said without giving a timetable.
Foreign-currency deposits amounted to US$76.7 billion in Shanghai by the end of May, accounting for one-seventh of the national total. Outstanding foreign-currency lending was US$79.8 billion, accounting for 10 percent of the country’s total.
“This is an important experiment for China’s interest rate liberalization as it is extended across the wall and involved the domestic banks,” said Liu Ligang, chief economist at Australia & New Zealand Banking Group for China.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
