Biz Scene: Grapevine

Jet fuel hike

China raised jet fuel prices by 20 yuan a ton this month because of rising oil costs, the Shanghai Securities News said, citing unidentified officials at China Eastern Airlines Corp.

China has cut jet fuel prices four times this year, by a total 410 yuan a ton, said the newspaper.

State-owned China Aviation Oil Supply Corp sets retail prices at all airports in China.

Bank deposits

The central bank, seeking to absorb cash, may ask lenders to deposit money with it for the first time since 1988, the Shanghai Securities News said, citing sources.

The People's Bank of China will probably pay city commercial banks and rural lenders interest of 2.91 percent for three-month deposits and 3.44 percent for one-year deposits, the same as the rates for its bills of equivalent tenure, the newspaper said.

(China Daily 10/18/2007 page15)