多家中国银行大幅上调美元存款利率，部分利率甚至超过美国基准水平，这种异常迅速的举措正在吸引资金流入，并可能抑制人民币升值势头，银行业人士表示。
Several Chinese banks are sharply lifting dollar deposit rates, in some cases above US benchmarks, in unusually swift moves that bankers say are attracting cash and could temper gains for China's yuan.
较高的美元存款利率鼓励储户和出口商将现金存放为美元，而非收益率较低的人民币，这可能会减缓一轮持续已久的货币升值行情，后者已开始挤压出口商微薄的利润空间。
Higher dollar deposit rates encourage savers and exporters to park cash in dollars rather than low-yielding yuan, potentially slowing a prolonged currency rally that has begun to squeeze exporters' wafer-thin margins.
据银行内部人士透露，近几周来，包括国有银行、股份制银行和外资银行在内的六家以上银行已将美元存款利率上调至至少2023年以来未见的水平。
More than six banks, ranging from state-owned to joint-stock and foreign lenders, have in recent weeks hiked dollar deposit rates to levels not seen since at least 2023, according to people at the banks.
所有受访银行人士均以匿名方式向路透社透露上述信息，因他们未获授权对媒体发言。此次上调是中国美元存款利率数月来持续上涨趋势的延续。
All the bankers spoke to Reuters on the condition of anonymity as they were not authorised to speak to the media. The hikes are an extension of a months-long rise in dollar deposit rates in China.
但最新举措——此前未有报道——显示这一趋势正在加速，标志着国有银行美元存款利率的事实上的上限已被取消，并表明遏制人民币升值的力度正在加大。
But the latest moves, which have not been previously reported, show the trend gaining speed, signal an end to a de facto cap on state banks' dollar rates and suggest efforts to slow down the rising yuan are stepping up.
路透社无法确定监管部门是否指示银行上调美元存款利率。中国人民银行通常会就此类利率向国有银行发布非正式指导意见，但未对传真置评请求作出回应。
Reuters could not determine whether policymakers had directed banks to raise dollar deposit rates. The People's Bank of China, which typically issues informal guidance on such rates to state banks, did not respond to a faxed request for comment.
此次上调正值当局采取迄今最有力举措之一遏制人民币升值之际，自2025年初以来人民币兑美元已升值约10%，中国人民银行于周二宣布将提高银行外汇存款准备金率。
The hikes come amid some of the strongest efforts yet to rein in a yuan rally that has lifted the currency about 10% against the dollar since early 2025, with the PBOC on Tuesday announcing it would raise the foreign currency reserves banks must hold.
“当前汇率对出口商并不特别有利，”一家国有银行人士表示，该行存款利率在过去几个月里上调了约80个基点，至10月下旬高达4.5%。
"The current exchange rate is not particularly favourable for exporters," said one person at a state bank, where they said deposit rates rose by about 80 basis points over the past few months to as high as 4.5% in late October.
据伦敦证券交易所集团（LSEG）数据，这是自2023年以来的最高水平，而美国银行的同类利率约为4.8%。
That is the highest level since 2023 and compares with rates around 4.8% at US banks, according to LSEG data .
“为了避免被迫将外汇兑换回人民币，银行可以帮助抵消部分压力，”上述人士称。
"To avoid being forced into converting FX back into yuan, banks can help offset some of the pressure," the person said.
两位分别来自不同银行的人士表示，出口商和零售客户正利用较高汇率进行存款。
Exporters and retail customers were taking advantage of the higher rates and making deposits, said two people at separate banks.
路透社9月曾报道，中国银行一直在用美元购买美国国债，这是其投资策略的转变。一位来自持续购买国债的股份制银行的人士表示，部分银行仍在这样做。
Chinese banks have been using their dollars to buy US Treasuries, Reuters reported in September, a shift in their investment strategy. Some banks continued to do so, said a person at a joint-stock bank that has been a buyer of Treasuries.
据一位直接了解报价情况的人士透露，另一家国有银行在两周内两次上调美元存款利率，目前对5万美元以上存款的一年期利率已超过4%，这正在吸引存款。
At another state bank, dollar deposit rates have been hiked twice in two weeks and one-year rates now top 4% on balances above $50,000, according to a person with direct knowledge of the rates on offer, who said it was drawing deposits.
这比几个月前高出约120个基点，当时国有贷款机构首次将存款利率推高至2023年设定的2.8%上限之上。
That is some 120 basis points higher than just a few months earlier, when state lenders first started to push their deposit rates above a 2.8% cap imposed in 2023.
同期，中国银行多次下调人民币存款利率以缓解息差压力并刺激消费，导致主要国有银行的本币存款利率仅为0.95%。
Over the same period, Chinese banks have repeatedly cut yuan deposit rates to ease pressure on margins and spur spending, leaving local currency deposit rates at major state lenders at just 0.95%.
一位来自另一家国有银行的独立人士表示，该行提出为部分最优质客户的美元存款匹配美国有担保隔夜融资利率（SOFR），目前该利率为3.97%。银行家们称，多家外资银行提供的美元存款利率也超过4%。
A third state bank offered to match the US secured overnight financing rate , currently at 3.97%, for some of its most creditworthy clients' dollar deposits, said a separate person at that bank. And several foreign banks are offering dollar deposits at rates above 4%, the bankers said.
银行家们表示，他们未被告知为何上调利率。除了补偿因人民币升值而受损的出口商外，一位消息人士称，上调利率可能还旨在抵消典型的年末买入人民币现象，即企业抛售美元以发放奖金并满足会计及行政要求。
The bankers said they were not told why rates were being raised. Beyond compensating exporters, who have been hurt by the yuan's rise, one source said the increases may also be aimed at offsetting typical year-end yuan buying, when companies sell dollars to fund bonuses and meet accounting and administrative requirements.
利率上调在一定程度上也反映了美国利率上升，美联储9月将隔夜利率窗口目标上调25个基点至3.75%-4%。
The increases also in part reflect rising rates in the US, where the Federal Reserve in September increased its overnight rate window target by 25 bps to 3.75-4%.
但它们行动比美联储更快，多年来首次与离岸利率具有竞争力，香港的离岸利率刚刚低于4%，根据网上公布的报价，这可能会将海外美元吸引到中国银行。
But they have moved faster than the Fed and for the first time in years are competitive with offshore rates, which in Hong Kong are just below 4%, according to offers published online, potentially drawing dollars from abroad into Chinese banks as well.
“较高的美元存款利率可能旨在留住美元存款并保持稳定的美元资金，”荷银大中华区首席经济学家宋芝说。
"Higher USD deposit rates may be set with the intention to retain dollar deposits and maintain steady dollar funding," said Lynn Song, chief economist for Greater China at ING.
“随着美元存款利率提高，可能会劝阻一些出口商将积累的美元余额兑换成人民币，这可能会减少部分人民币升值压力。”创纪录的贸易顺差在近两年内稳步推高了人民币，上周汇率触及每美元6.6449的四年高点。中国人民银行数据显示，截至9月底，外币存款达到创纪录的1.2万亿美元，较去年同期增长17.7%。
"With higher dollar deposit rates, it may discourage some exporters to convert accumulated dollar balances into yuan, which could reduce some of the yuan appreciation pressure." Record trade surpluses have steadily lifted the yuan for almost two years, and it hit a four-year peak of 6.6449 per dollar last week. Foreign currency deposits reached a record $1.2 trillion at end-September, up 17.7% from a year earlier, PBOC data showed.