In September 2023, interest rates on deposits in yuan increased by 1.23%. Relative to January, the growth was 74.25%, the service Brobank.ru calculated.
Indeed, yuan deposits now show the most favorable interest rates, Artem Deev, head of the analytical department of AMarkets, says.
If the yuan rates are now on average at 2.544% per annum, then the dollar shows about 2%, and the euro – 1.9%. And over the month, the yield on yuan deposits really increased by 0.031% per annum – and this is a positive trend at 1.23%, the expert explains.
“So they will certainly be popular,” the analyst sais. – Especially facing the currency swap undertaken by the government. But it is important to remember that in the country now inflation is at the level of 6-7%. And government bonds show a yield in the corridor of 12-15%. So, in my opinion, you should not overestimate yuan deposits.”