Jane Chen/ Shanghai Daily news

Commercial banks in Shanghai are offering different interest rates for two-year term US dollar deposits, following a deregulation move by the central bank, the Youth Daily reported.
Last Thursday, the Bank of China announced it would lift the rate for two-year-term US dollar deposits from 0.6875 percent to 0.9375 percent.  As well, it has removed the rate ceilings on two-year-term deposits for four foreign currencies and is allowing commercial banks operating in the country to set their own rates.
As a result, the China Minsheng Bank has raised rates by 0.5375 percentage to 1.225 percent, the highest offered in Shanghai.
The China Shenzhen Development Bank is offering a rate of  1.125 percent, up 0.4375 percentage from before.
Overseas banks have also taken advantage of the deregulation and have moved their rates up to woo more foreign currencies.
The Hongkong & Shanghai Banking Corp and Standard Chartered Bank have raised their rates by 0.312 percentage to 1 percent.
Four state owned banks, as well as other stock holding banks such as the China Merchant Bank, have followed the government guidance to lift their rate by 0.25 percentage to 0.9375 percent.