Shanghai's free-trade zone explained
Oct 1, 2013
China frees deposit rates in Shanghai
China’s central bank has lifted controls on foreign currency deposit rates in Shanghai, opening up rate competition beyond the walls of the FTZ.
In an announcement made by the People’s Bank of China Shanghai Head Office (PBOC) today (June 26), banks outside of the Shanghai free trade zone (FTZ) but based in Shanghai Proper (China’s banking hub) will be able to offer their own rates on small-sum foreign currency deposits, effective tomorrow.
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