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Article: Bank of East Asia cuts interest rate on Hong Kong dollar deposits

Article from:
AP Worldstream
Article date:
January 10, 2004
Copyright

AP Worldstream
01-10-2004
Dateline: HONG KONG
Bank of East Asia Ltd. announced on Saturday that it will slash the interest rate it pays on Hong Kong dollar deposits to very near zero, a day after banking giant Hongkong & Shanghai Banking Corp. made a similar rate cut.

Effective from Monday, the bank will pay interest of only 0.001 percent on savings accounts with a balance of HK$5,000 (US$640) or more, down from 0.01 percent previously, it said.

The bank _ Hong Kong's fourth-largest _ said it will pay no interest on anything less than that amount.

The move mirrored that by Hongkong & Shanghai Banking Corp., the local unit of ...

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