BOC adjusts foreign currency deposit rates

Updated: 2010-04-01 14:44
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BOC adjusts foreign currency deposit rates

Bank of China (BOC), which has the largest proportion of domestic foreign currency assets, announced it would adjust the domestic rates of four kinds of foreign currencies.

The four kinds of foreign currencies are: the US dollar, British pound, euro and Hong Kong dollar. This was the fourth time that BOC adjusted its foreign currency deposit rates since last March, but other State-owned banks did not say to follow suit.

The bank raised the two-year deposit rate on the euro by 0.15 percent to 1.15 percent, while hiking the rate on the Hong Kong dollar by 0.25 percent. At present, BOC's interstate rates of Hong Kong dollar, euro, Swiss franc, Singapore dollar, and Japanese yen were the same as its peers'average level.

Meanwhile, the bank also announced it would reduce the rates on current deposit and Seven-day Notice deposit on the US dollar by 0.05 percent, and reduce the three-month deposit rate on the euro by 0.005 percent.

According to data released by China's central bank, as of February 2010, foreign currency loans in financial institutions totaled $398.6 billion, and increased 72.59 percent year-on-year, while deposits totaled $211.8 billion and increased only 7.5 percent during the same time period. The foreign currency deposit/loan ratio was up to ......

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