With ratification from the People's Bank of
China (PBOC), China's commercial banks will lower the interest rates for small-sum
deposits in US dollars, pound sterling, HK dollars and Canadian dollars as of February 7. A
PBOC spokesman said that this move has been made in accordance with the related interest
rate changes in the international market.
The interest rate for one-year deposits in U.S. dollars will be lowered from
4.125 percent to 3.8125 percent, while that for one-year pound sterling lowered from
4.6875 percent to 4.125 percent, that for one-year HK dollar lowered from four percent to
3.75 percent, and that for one-year Canadian dollar lowered from 4.3125 percent to 3.625
percent, according to PBOC sources.
The spokesman noted that China will continue to readjust the interest rates of
its petty deposits in foreign currencies to suit the changes in the international market,
so as to coordinate the country's policies governing the interest rates for local currency
and foreign exchange, and help maintain a stable local currency and a balanced
international payment.
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