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Approved by the State Council, the People's Bank of China (PBOC) decided to lower the domestic savings rates for small sums of foreign currency from Thursday. Small-amount deposit refers to banking deposit of US$3 million or less.
The rate for the US dollar for one year term will be lowered 0.1875 points to 2.3125 percent.
The rates cut followed the interest cuts announced by the US Federal Reserve.
The interest rates for British pound, Euro, Canadian dollar, Swiss franc and Hong Kong dollar are also adjusted, according to the PBOC announcement. The one-year savings rate for British pound and Hong Kong dollar are adjusted to 3.4375 percent and 2.4375 percent respectively.
The rates cut followed the interest cuts announced by the US Federal Reserve.
(Chinadaily.com.cn 08/30/2001)
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