China Banks Warned Over ‘Agreement Deposits’ – Caixin

A Chinese financial services sector body wants banks to stop offering a deposit product to clients other than insurers, the national social security fund and certain pension funds it was designed for, in a bid to curb reckless competition for deposits, Caixin reported.

The body, which self-administers market interest rate pricing, issued a notice requiring banks to follow the rules that govern “agreement deposits”, which some banks have offered to customers who don’t qualify.

Read the full report: Caixin

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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