HK to fully deregulate interest rates in July 2001

HONG KONG - The Hong Kong Monetary Authority (HKMA) said Apr 9, 2001 the territory's interest rates will be fully liberalized when the deregulation that covers Hong Kong dollar savings and current accounts goes ahead as scheduled July 3.

With the deregulation implemented, interest rate rules will no longer exist and individual banks will be able to decide their own interest rates on all types of deposits.

At present, the Hong Kong Association of Banks, which is the local banking cartel, determines

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