Date
11 December 2017

Shanghai FTZ to end rate cap on small FX deposits, paper says

The Shanghai branch of the People’s Bank of China has formally announced the end from March to the cap on interest rates for forex deposits of up to US$3 million or equivalent in foreign currency in the city’s free trade zone, the Shanghai Securities News reported Thursday. The move, announced late Wednesday, means the zone will lead the country’s interest rate marketization push. The rule applies to domestic and foreign legal entities registered in the zone and individuals who have worked in the zone for more than a year, the report said.

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TL/AC/SK

 

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