Caixin OnlineFinance & EconomicsTop Stories Finance E-Investing Spurs Banks to Raise Interest Rates for Deposits
01.24.2014 16:45

E-Investing Spurs Banks to Raise Interest Rates for Deposits

As investors empty their accounts in favor of Net funds like Yu E Bao, many big financial institutions have begun 'to mount an all-out counterattack'
By staff reporters Zhang Yuzhe and Liu Zhuozhe

(Beijing) – Many big banks in the country have moved to offer the highest possible interest rates for deposits despite the central bank's advice they not do this.

The lenders had to act because they were losing customers fast to the emerging league of high-yield money market funds offered by Internet companies such as Alibaba Group and Tencent Holdings, an executive at a large bank said.

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