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CN Regulators Require Banks to Drop Interbank Deposit Rates: Wire
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Chinese regulators told banks to reduce deposit rates for other financial institutions to release funds to boost economic development, Bloomberg, citing insiders, reported. The interest rate self-disciplinary mechanism, a supervisory body overseen by the People's Bank of China, suggested that commercial banks should not absorb interbank demand deposits at significantly higher levels than policy rates, said the report. Instead, they should use the open market 7-day reverse repo rate as the pricing benchmark, which is currently set at 1.5% annually. Insiders also indicated that some lending institutions are offering interbank demand deposit rates of 1.8% or higher to attract financial counterparties' deposits. AAStocks Financial News |
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