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Interest rates liberalized on small foreign-currency deposits in Shanghai
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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.
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