On March 1, Bank of China processed the first deal of personal foreign currency deposit for one resident employed at Shanghai Free Trade Zone after the upper limit of interest rate for small-sum foreign currency deposit is decontrolled.
According to the Notice of the People’s Bank of China Shanghai Head Office for Decontrolling the Upper Limit of Interest Rate for Small-sum Foreign Currency Deposit in China (Shanghai) Free Trade Zone, the upper limit of interest rate for personal small-sum foreign currency deposit will be decontrolled within the FTZ as from March 1 and the interests can be independently rated for foreign-currency deposits of residents within the zone. The introduction of such policy sets forth a higher requirement for financial institutions to nurture and promote the capacity of rating independently the foreign-currency deposits, rationally defining the interest rates for foreign-currency deposits based on market supply and demand, intensifying hard constraints of financial affairs and enhancing the differential service level.
In addition, Bank of China has also processed the first cross-border RMB settlement for personal current account within the Free Trade Zone, assisting the customer for remittance to Hong Kong.
With different policies implemented in China (Shanghai) Free Trade Zone, Bank of China will actively explore for innovation in personal banking, continue to enrich the personal business variety and give further play to its advantage in domestic and overseas integration so as to provide the customers with more efficient and professional personal cross-border financial services.
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