SHANGHAI/BEIJING : China's major state banks have lowered their dollar deposit rates for the second time in a month, seven banking sources with direct knowledge of the matter said, as authorities have stepped up efforts to arrest a slide in the yuan.Interest rates offered by the 'Big Five' state-owned len
SHANGHAI/BEIJING : China's major state banks have lowered their dollar deposit rates for the second time in a month, seven banking sources with direct knowledge of the matter said, as authorities have stepped up efforts to arrest a slide in the yuan.
The lenders - Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank and Bank of Communications - did not immediately respond to requests for comment. "It shows that the move is to narrow the interest rate advantage of the U.S. dollar in onshore markets," said Ken Cheung, chief Asian FX strategist at Mizuho Bank.The lower rates could both discourage households from putting savings into higher-yielding dollar deposits and nudge Chinese firms, especially exporters, to settle foreign exchange receipts in yuan.
The latest cut in dollar deposit rates was the second in barely a month. In early June, sources told Reuters the big state banks had lowered such rates as much as 100 basis points from the previous ceiling of 5.3 per cent.
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