News Snapshot:
HSBC China has been forced to deny online rumours that it has reduced the interest rate for small sum deposits to zero amidst an environment of narrowing interest margins. Internet rumours emerged on 9 November claiming that HSBC’s Shanghai branch had reduced interest rates for deposits of under 5000 yuan to zero starting from 1 November, marking the emergence of China’s first “zero interest rate bank.” HSBC subsequently denied the reports, stating that such claims were “complete without basis.” A source from HSBC said to Diyi Caijing (第一财经) that “even if there were zero interest rates, it would be due...
