China central bank curbs rates on structured deposits to coax banks to lower lending rates: sources [Reuters]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Reuters
China central bank curbs rates on structured deposits to coax banks to lower lending rates: sources BEIJING/SHANGHAI (Reuters) - China’s central bank has moved to curb interest rates on high-yield structured deposits, three sources familiar with matter told Reuters, as regulators seek to guide the country’s borrowing costs lower by reducing banks’ funding costs. The People’s Bank of China (PBOC) recently told banks that they must not set guaranteed rates on structured deposits at more than 150% of the rates on term deposits of the same maturity, two bankers in Shanghai told Reuters. The curbs on the 10 trillion yuan ($1.46 trillion) business are nationwide, although the rules vary slightly by region, one of the sources said. The PBOC did not immediately reply to Reuters requests for comment. Banks in China have been aggressively marketing structured deposits - a hybrid that combines traditional deposits with higher-return investment products - to lure in more funds. But the yields the
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