Citi, Wing Lung cut yuan deposit rates

Citi and Wing Lung Bank slashed yuan deposit rates in Hong Kong. Citi cut the absolute interest rate of one-week deposits to 0.45 per cent from 0.7 per cent. The one-month deposit rate is down to 0.6 per cent from 0.8 per cent and the 12-month deposit rate is 0.629 per cent, down from 0.865 per cent. Citi also cut the three-month and six-month deposit rates. Wing Lung Bank cut rates for all time periods. The one-month rate is 0.55 per cent, cut from 0.72 per cent, the three-month deposit rate is 0.57 per cent, cut from 0.78 per cent and the one-year rate is 0.6 per cent, down from 0.85 per cent. The six-month rate is at 0.58 per cent, cut from 0.8 per cent. HSBC said it would keep current rates.