Consumers, banks profit from China credit crunch

2013-9-4

From：Macau Business

Interest rates on renminbi are up, allowing savers to profit and the banks to lend the money to mainland banks at higher rates.

Our sister publication Business Daily reports that small and medium-sized businesses in the mainland are looking over the border to make up for a credit shortfall in domestic markets.

The Bank of China Ltd in Hong Kong said yesterday it had raised its preferential interest rate for one-month deposits over RMB20,000 yuan (MOP26,100) by 0.2 percentage point to 2 percent.

On June 20, the Shanghai interbank offered rate rose sharply in a sign the government was serious about tackling rising bad debt and excess liquidity.

Copyright@Macau Business