Bank of China has cut rates on some yuan deposits (NOT PBOC!)

<p>Bank of China is a commercial bank.</p><ul><li>its cutting interest rates on some of its yuan deposit products</li><li>from December 22 (i.e. today)</li></ul><p>BoC are not the only bank in China cutting rates. </p><p>The Industrial and Commercial Bank of China (ICBC) is lowering deposit rates:</p><ul><li>1.45% for 1yr deposits (from 1.55%)</li><li> 1.65% on 2yr deposits (from 1.85%)</li><li>1.95% on 3yr (from 2.2%)</li><li>2% on 5yr (from 2.25%)</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.