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China major state-owned banks reportedly to have cut dollar deposits again

The report comes via Reuters, stating that China's major state-owned banks have lowered their dollar deposit rates once again with effect from 1 July. The rates were cut by as much as 150 bps with the sources claiming that some banks were not offering rates above the 2.80% cap (reduced from 4.30% previously) for large deposits.In case you missed it, this was the news from last month. It is all part of an incentive to bolster the yuan via encouraging individuals to not hold dollar deposits in Chi... Read More

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China

Major

State

Owned

Banks

Reportedly

Have

Dollar

State owned

Deposits

Forex

Posted: Jul 4 2023, 05:28

Author Name: forexlive

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