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.
Business & Finance
China’s state banks told to lower cap on dollar deposit rates
06 June 2023, 7:55 pm 1 minute
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
