The saving rate on the US dollar is now 0.01 per cent, while banks are offering 0.35 per cent on a one-year fixed term deposit, currently the highest available saving rate on the dollar. Photo: AP The saving rate on the US dollar is now 0.01 per cent, while banks are offering 0.35 per cent on a one-year fixed term deposit, currently the highest available saving rate on the dollar. Photo: AP
The saving rate on the US dollar is now 0.01 per cent, while banks are offering 0.35 per cent on a one-year fixed term deposit, currently the highest available saving rate on the dollar. Photo: AP

Chinese banks cut saving rates on foreign currencies to record lows amid global coronavirus fallout

  • Bank of Communication became the latest Chinese bank to cut saving rates on foreign currencies to close to zero
  • Race to cut rates comes as bankers try to deal with an influx of capital from around the world, due to quantitative easing

Topic |   Central Banks
The saving rate on the US dollar is now 0.01 per cent, while banks are offering 0.35 per cent on a one-year fixed term deposit, currently the highest available saving rate on the dollar. Photo: AP The saving rate on the US dollar is now 0.01 per cent, while banks are offering 0.35 per cent on a one-year fixed term deposit, currently the highest available saving rate on the dollar. Photo: AP
The saving rate on the US dollar is now 0.01 per cent, while banks are offering 0.35 per cent on a one-year fixed term deposit, currently the highest available saving rate on the dollar. Photo: AP
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