Tuesday, December 23, 2014   

Forex deposits rates cap eased in Shanghai trade zone
(02-26 18:49)

The central bank will remove interest rate ceilings on smaller foreign-currency deposits in the Shanghai Free Trade Zone from March 1.
Deposits of less than US$3 million owned by businesses and agencies registered in the zone or by individuals who have worked in the zone for more than one year will receive the same rate of interest, said the Shanghai branch of the People's Bank of China.
Currently, regulatory caps apply to one-year or other shorter-term deposits in US dollars, Japanese yen, euros and Hong Kong dollars. Deposits worth more than US$3 million are not subject to ceilings.—Xinhua


   
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