Forex deposit rate caps lifted

Expansion of trial program from free trade zone in Shanghai could go nationwide

Interest-rate ceilings on corporate foreign-currency accounts with balances below $3 million will end on Friday throughout Shanghai, part of a key reform expected to be expanded nationwide, it was announced on Thursday.

The policy, which has already been tried out in the China (Shanghai) Pilot Free Trade Zone, is a major step in interest rate liberalization, the People's Bank of China's Shanghai Head Office said.