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Savings Interest Rates Cut on Foreign Currencies

With the approval of the People's Bank of China, all commercial banks in Beijing have lowered the interest rates on savings accounts in US, Canadian and Hong Kong dollars, and the British pound. Operative from February 7 this year, the cuts are the second this year. This latest adjustment saw the interest rate for the US dollar reduced from 4.125 percent to 3.8125 percent; for the British pound from 4.6875 percent to 4.1250 percent; the Hong Kong dollar from 4 percent to3.7500 percent; and the Canadian dollar from 4.3125 percent to 3.6250 percent.