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Chinese banks boost dollar deposit rates

BEIJING: Several Chinese banks are sharply lifting dollar deposit rates, in some cases above US benchmarks, in unusually swift moves that bankers say are attracting cash and could temper gains for China’s yuan. Higher dollar deposit rates encourage savers and exporters to park cash in dollars rather than low-yielding yuan, potentially slowing a prolonged currency rally that has begun to squeeze…

First reported by Business Recorder 1 source
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Image: Business Recorder
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  1. Business Recorder

    Chinese banks boost dollar deposit rates (opens Business Recorder in a new tab)

    BEIJING: Several Chinese banks are sharply lifting dollar deposit rates, in some cases above US benchmarks, in unusually swift moves that bankers say are attracting cash and could temper gains for China’s yuan. Higher dollar deposit rates encourage savers and…

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