Date
20 October 2017

End nigh for forex saving rate cap in Shanghai FTZ, paper says

The ceiling on deposit rates for up to US$3 million or equivalent in foreign currency will soon go in the Shanghai free trade area as the central bank pushes ahead with interest rate liberalization in the area, the 21st Century Business Herald reported Wednesday, citing a banker in the trade zone. The central bank now only allows financial institutions and their customers to negotiate saving rates for sums above US$3 million, while setting a ceiling for lower amounts, it said. The policy is expected to be released this week, the report said.

– Contact HKEJ at [email protected]

KZ/AC/SK

 

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