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Mainland Large Banks and Foreign Banks Reportedly Raise USD Deposit Rates to Curb RMB Appreciation
2026-11-09 14:06:33 Reuters, citing sources, reported that multiple Chinese banks have significantly raised USD deposit rates, in some cases even above US benchmark interest rates, in an attempt to curb the appreciation of the RMB. Since early last year, the RMB exchange rate against the USD has risen by about 10%. The PBOC had earlier announced a 2 ppts increase in the foreign exchange reserve requirement ratio to 6%. According to sources, in recent weeks, more than six banks, including state-owned banks, joint-stock banks and foreign banks, have raised USD deposit rates to at least the highest levels since 2023. Sources said one state-owned bank raised USD deposit rates twice within two weeks, with the one-year rate for deposits above USD50,000 now exceeding 4%. In addition, several foreign banks are also offering USD deposit rates above 4%. (mn/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |