BANK OF CHINA TO OFFER RMB TERM DEPOSITS FOR PARTICIPANT BANKS

HONG KONG - The Bank of China (BOC) Hong Kong and The Bank of China Taipei branch, the official RMB clearing banks in Hong Kong and Taiwan, today (March 1) began offering RMB term deposits for participant banks. Notably, the interest rates offered for term deposits by BOC HK are lower than those for Bank of China’s Taipei branch. At the same time, the clearing bank has also raised the overnight deposit rate for participant banks in Hong Kong to 0.648%, from 0.629% previously. The overnight rate in Hong Kong is now level with Taiwan’s overnight rate.