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China banks raise dollar deposit rates to curb yuan appreciation
At least five Chinese banks raised US dollar deposit rates above SOFR to slow the yuan's 3% appreciation in 2026, reversing 2023-era rate caps.
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Timeline cronologica
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China allows banks to offer higher interest rates on dollar deposits in bid to cool yuan rally
China allows select banks to offer higher US dollar deposit rates above SOFR, reversing 2023 caps to slow yuan appreciation and retain corporate dollar
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Chinese banks raise dollar deposit rates to counter yuan strength
At least five Chinese banks raised US dollar deposit rates above 3.61% SOFR to curb yuan appreciation, reversing policies from 2023 and early 2025.
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China banks raise dollar deposit rates to curb yuan appreciation
At least five Chinese banks raised US dollar deposit rates above SOFR to slow the yuan's 3% appreciation in 2026, reversing 2023-era rate caps.