MNI China Press Digest, June 1: Hong Kong, Bank Deposits

     BEIJING (MNI) - The following lists highlights from Chinese press reports

on Monday:

     China will take the necessary measures and resolutely fight back if U.S.

politicians continue to interfere in Hong Kong affairs, according to a

commentary published by the People's Daily Overseas Edition. Hong Kong has

experienced massive protests triggered by mainland China's decision to draft the

national security law for the city. Playing the "Hong Kong card" can sell panic

and hatred and curb China's development, the article said. It can also shift the

focus away from U.S. failures in containing the pandemic, domestic economic

weakness and social unrest.

     China's private banks are selling deposit products with lower yields

following actions from the banking regulator, Securities Times reports. The

newspaper's research found few deposit products with interest rates higher than

5%, the report said. Citing Wang Yifeng, the chief banking analyst with

Everbright Securities, the Times said interest rates on loans are falling

rapidly and pushing banks to control liability costs when competing for

customers. 

--MNI Beijing Bureau; +86 (10) 8532-5998; email: archie.zhang@marketnews.com

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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