fbpx

Type to search

China Banks Warned Over ‘Agreement Deposits’ – Caixin

The market pricing self-discipline body issued a notice telling banks not to offer “agreement deposits” to customers who don’t qualify


China's currency slipped to near a two-year low.
China is the world's second largest economy and is vital to global growth.

 

A Chinese financial services sector body wants banks to stop offering a deposit product to clients other than insurers, the national social security fund and certain pension funds it was designed for, in a bid to curb reckless competition for deposits, Caixin reported.

The body, which self-administers market interest rate pricing, issued a notice requiring banks to follow the rules that govern “agreement deposits”, which some banks have offered to customers who don’t qualify.

Read the full report: Caixin

READ MORE:

 

 

Hong Kong Banks on Growing Mainland Fintech Links

 

Banks in 87 Chinese Cities Seen Cutting Mortgage Rates

 

PBOC Injects 20bn Yuan Into Banks as Seven-Day Break Ends

 

Tags:

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

logo

AF China Bond