China's central bank announced a 0.3125 percentage point
increase in the upper limit for interest rates on one-year US
dollar deposits on Wednesday.
From November 18 the rate will be raised to 0.875 percent.
The People's Bank of
China will also no longer set upper limits for two-year
deposits denominated in US dollar, euro, Japanese yen or Hong Kong
dollars.
The rate will instead be decided by commercial banks themselves
in an additional move to liberalize interest rates.
(Xinhua News Agency November 18, 2004)