The reporter noticed that recently, several banks have followed up on raising interest rates on US dollar deposits. On October 14, every time the reporter visited several banks in Shanghai, it was discovered that interest rates on various US dollar deposit products exceeded 4%, and interest rates on US dollar deposits in some banks were inverted for long and short periods. Zeng Gang, director of the Tianfu Liyan Finance Research Institute, told reporters that the increase in interest rates on US dollar deposits was first due to the upward shift in the US dollar risk-free interest rate center. Furthermore, it is also related to banks' own demand for cross-border settlement, etc., and the decline in interest rates on RMB deposits. He cautioned that if investors simply chase high interest rates, they should make careful decisions and pay attention to the risk of foreign exchange and exchange rate fluctuations.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.