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Banks to Cut Corporate's USD Deposit Rates in Latest Stimulus Drive

CHINA
  • Bloomberg report that China's largest banks are cutting rates for their corporate USD deposit facilities for the second time in a fortnight - an extension of a recent policy drive to stabilise the currency.
  • The report writes that at least nine large banks in China would be removing the spread they had offered over SOFR for their corporate clientbase. Previously, the facilities had offered 5.7% for one-year deposits, down from 6% previously.
  • Dollar deposit rate cuts an ongoing theme in China at present (note that last headline referencing corporate deposits specifically)- Shanghai Securities News wrote on Monday: "Recent dollar deposit rate cuts by many banks in China will help lower one-sided expectation of strengthening of the greenback and hence stabilize the Chinese currency"
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