The People’s Bank of China took a decision to raise the ceiling of small-value deposit rates on the US dollar and Hongkong dollar for commercial banks, effective on December 28, 2005. The upper limit of one-year US dollar and Hongkong dollar deposit rates will be raised by 0.5 and 0.25 percentage points to 3 and 2.625 percent respectively (See Table).
Table: Small-value foreign currency deposit rates after adjustment
annualized rate: %
Items |
US dollar* |
Euro |
Japanese Yen |
Hongkong dollar* |
Demand deposit |
1.150 |
0.100 |
0.0001 |
1.000 |
7 day notice |
1.375 |
0.375 |
0.0005 |
1.250 |
1-month |
2.250 |
0.750 |
0.0100 |
1.875 |
3-month |
2.750 |
1.000 |
0.0100 |
2.375 |
6-month |
2.875 |
1.125 |
0.0100 |
2.500 |
1-year |
3.000 |
1.250 |
0.0100 |
2.625 |
Note: Effective on December 28, 2005. *refers to currencies with deposit rate adjusted.
