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In addition, there are sources that a number of banks, including DBS, have also raised the yuan deposit rate in the Hong Kong market. Among them, DBS fixed 12 months of new funds in the RMB 100,000 yuan and 500,000 yuan or more, the annual interest rate increased by 1%. The Bank of Communications (Hong Kong) deposits RMB in excess of RMB 200,000 for 3 months, providing an annual interest rate of up to 2.1%; BOCHK provides 1.3% for RMB and RMB deposits of 3 months and 8 months respectively. 1.4% annual interest rate discount.
Yesterday, the relevant personage of the Economic Research Office of the Bank of China in Hong Kong interviewed this reporter also said that this situation is rather unexpected. He said that at present, Hong Kongâ€™s offshore renminbi market has not changed much as a whole. Raising interest rates may be just a decision made by some banks based on their own circumstances. Due to the recent fall in the RMB offshore market exchange rate, there are currently more people selling renminbi than those who buy renminbi in the Hong Kong market.
â€œThe recent devaluation of the offshore renminbi has started, and the overall demand for renminbi has been reduced in the market, reflecting the fact that the growth of deposits has become more apparent in banks,â€ the source said. Perhaps due to the slowdown in the growth of renminbi deposits in Hong Kong, the demand for corporate financing has been increasing, resulting in a surge in demand for some banks to absorb renminbi deposits.
Chen Delin, president of the Hong Kong Monetary Authority, recently stated that the loan-to-deposit ratio of onshore and offshore RMB is gradually narrowing. Last year, the ratio of the renminbi from the Mainland to Hong Kong was 3:1. That is, "If there is a dollar paid back to the Mainland from Hong Kong, there will be 3 yuan paid to Hong Kong from the Mainland." By September this year, this proportion has gradually dropped to 0.8:1. Every RMB 1 goes back to the Mainland and only RMB 0.8 goes into Hong Kong. This trend has directly affected the growth of renminbi deposits in Hong Kong in the past two months, which has slowed the growth rate.
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