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Article: ANALYSIS: CHINESE BANKS RAISE FOREX DEPOSITS INTEREST RATES.
- Article from:
- AsiaPulse News
- Article date:
- September 23, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEIJING, Sept 23 Asia Pulse - China's big four state-owned commercial banks all raised the interest rates on short-term deposits of some foreign currencies recently, in an effort to ease their tight foreign currency liquidity.
China's central bank data show that China's positions in foreign exchange purchases increased 118.8 billion yuan (US$17.4 billion) in August, down nearly half from July's increase of 220.5 billion yuan.
Guo Tianyong, a professor with the Central University of Finance and Economics, said that the slowed growth in positions for forex purchases indicated that commercial banks now incur tight liquidity in foreign currencies.
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