China cuts 1-yr dollar deposit rate to 3.4375 pct from 3.8125

SHANGHAI (AFX-ASIA) - China has lowered the one-year deposit rate on  domestic U.S. dollar deposits to 3.4375 pct from 3.8125 pct, effective from today, according to a document issued by the Bank of China.    According to the document, which covers domestic interest rates on foreign currency deposits worth less than 3 mln usd, the two-year U.S. dollar deposit rate has been cut to 3.5 pct from 3.875, while the interest rate on U.S. dollar current deposits has been lowered to 1.0 pct from 1.5.    The interest rate on one-year yen deposits has been cut to 0.1 pct from 0.1465, while the rate on two-year yen deposits has been cut to 0.1 pct from 0.1494 and that on yen current deposits remains unchanged at0.05 pct.    The interest rate on one-year Hong Kong dollar deposits has been cut to 3.5 pct from 3.75, while the rate on two-year Hong Kong dollar deposits has been cut to 3.5625 pct from 3.8125, and the rate on Hong Kong dollar current deposits remains unchanged at 1.25 pct.    The interest rate on one-year Canadian dollar deposits has been cut to 3.1875 pct from 3.625, while the rate on Canadian dollar two-year deposits has been cut to 3.25 pct from 3.6875 and the rate on Canadian dollar current deposits remains unchanged at 1.0 pct. 

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