Chinese banks cut saving rates on foreign currencies to record lows amid global coronavirus fallout

China’s major state banks are cutting rates on foreign currency deposits to record lows as global interest rates enter negative territory on the back of monetary easing to counter the economic impact from coronavirus pandemic.Bank of Communications became the latest Chinese bank to cut saving rates on foreign currency deposits over the weekend, on deposits below US$3 million from September 26.The bank’s announcement followed similar cuts this month by China’s-owned peers Bank of China,…

from South China Morning Post https://www.scmp.com/economy/china-economy/article/3103364/chinese-banks-cut-saving-rates-foreign-currencies-record-lows