SHANGHAI/BEIJING : China's central bank has surveyed some foreign banks in the past week about the interest rates they offer to their clients for dollar deposits, people familiar with the matter said, as authorities step up efforts to slow the yuan's depreciation.The central bank also guided one commercia
SHANGHAI/BEIJING : China's central bank has surveyed some foreign banks in the past week about the interest rates they offer to their clients for dollar deposits, people familiar with the matter said, as authorities step up efforts to slow the yuan's depreciation.
The move could potentially nudge companies, especially exporters, to convert more of their foreign exchange receipts into the yuan, which has weakened to near eight-month lows and lost nearly 5 per cent so far this year.The People's Bank of China did not immediately respond to Reuters request for comments.
Weeks later, sources told Reuters that a self-regulatory body overseen by the central bank had told major state-owned banks to lower dollar deposit interest rates. Big banks were told to cap them at 4.3 per cent, from the previous ceiling of 5.3 per cent. As part of the official measures to prevent the yuan from sinking too fast and too far, the PBOC set stronger-than-expected midpoint fixing guidance rates this week and state banks were spotted selling dollars a few times in both onshore and offshore markets, trading sources said.
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