Home Business China’s state banks told to lower cap on dollar deposit rates – Reuters News Agency

China’s state banks told to lower cap on dollar deposit rates – Reuters News Agency

0
China’s state banks told to lower cap on dollar deposit rates – Reuters News Agency

Business & Finance

Reuters exclusively reported that in a rare attempt to bolster China’s yuan, a self-regulatory body overseen by the country’s central bank has told major state-owned banks to lower dollar deposit interest rates.

Market Impact

Lowering dollar deposit interest rates could encourage Chinese firms, especially exporters, to settle foreign exchange receipts in yuan , which has weakened to six-month lows against the dollar. The buoyant U.S. currency and the Federal Reserve’s interest rate hikes have prompted many Chinese companies to hoard dollar receipts. 

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: Asia

Countries: China

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here