Pettis on Strains in China's Banking System; Avoiding the Fall
MishTalk
DECEMBER 26, 2014
While the benchmark deposit rate was officially lowered from 3.00% to 2.75%, the upper limit that banks can pay for deposits remained unchanged at 3.30%. It may seem strange to have both a benchmark rate and a “floating range” that establishes a cap, instead of just setting a cap, as was the case until very recently.
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