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@ Yahoo! Finance - by layer3.news
2025-03-01 08:06:19
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✍️ China's banks are cutting interest rates on U.S. dollar deposits to curb dollar hoarding and prop up the weakening yuan, sources said.
👉 Dollar deposits in China have grown to nearly a trillion dollars due to higher U.S. yields and the yuan's slide
👉 Banks across China, big and small, have been told by the People's Bank of China to cut dollar deposit rates
👉 The move aims to discourage further rise in dollar deposits and spur conversion of those dollars into yuan
👉 China's capital controls and propensity among citizens to keep savings in dollars have meant onshore dollar deposits fetch less than in international markets
👉 Foreign exchange deposits in China grew to $892.4 billion last month, the highest level since April 2023
#Shanghai #China #UnitedStates #world
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