China lowers deposit rate ceiling to protect banks' interest margins, sources say
The interest rate self-regulatory body under China's central bank has lowered the upper limit of deposit rates banks can offer their clients, the sources said.
The move came days after China cut benchmark lending rates and state banks reduced their baseline deposit rates.
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- Reuters
China's manufacturing activity shrinks as exports drag, S&P PMI shows
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- The Guardian
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Reuters
an hour ago
- Reuters
Japan alarmed over recent FX moves, its finance minister says
TOKYO, Aug 1 (Reuters) - Japan's Finance Minister Katsunobu Kato said on Friday that its authorities have been alarmed over recent foreign exchange moves, after the yen fell to four-month lows against the dollar. "As we have consistently stated, it's important for currencies to move in a stable manner reflecting fundamentals. We have been alarmed over foreign exchange movements, including those driven by speculators," Kato said at a press conference. The yen fell to 150.89 per dollar on Friday, the lowest since March 28. Bank of Japan Governor Kazuo Ueda said in a news conference on Thursday that current foreign exchange levels are unlikely to have an immediate major impact on its inflation outlook, a comment that currency traders perceive as the central bank's tolerance to the yen's current weakness.
