China’s central bank expanded banks’ freedom to set foreign-currency deposit rates to all of Shanghai from the city’s free-trade zone, a step toward easing controls across the nation.

The People’s Bank of China (PBOC) will remove the cap on foreign-currency deposit rates in Shanghai effective tomorrow for what it described as small accounts, according to a statement distributed at a briefing in the city today. The trial will start with institutional accounts, and individual accounts will be added later based on “market conditions.”


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including and

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.