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Higher rate for housing fund deposits
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China will raise the interest rate for deposits to its housing provident fund to allow more proceeds for depositors, the central bank said yesterday.
The rate will be raised to 1.5 percent from Sunday, the People's Bank of China said in a statement. The current rate is 0.35 percent or 1.1 percent, depending on when the deposits were placed.
The fund is a saving scheme that lets employees and employers set aside a portion of wages that can be used as mortgage deposits.
鈥淭he move will help employees gain reasonable returns from their deposits in the fund and make the program fairer and more effective,鈥 the PBOC said.
The hike will not affect the country's overall interest rate system, it noted.
Chinese authorities have issued several measures to revive the property market after it took a downturn in 2014.
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