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However, when central banks pay interest on reserves or a deposit facility, this interest rate is rarely the one used to set the target for short-term private sector borrowing rates.
FORBES: Is the Fed Going to Go Bust?
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After the new policy takes effect this week, the big five banks have all set their one year savings deposit rates at 3.5%, unchanged from before the move.
FORBES: China Beyond The Rate Cuts
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Instead of walking into one to deposit cheques or get statements, most people will do this on the fly from their mobile phones.
ECONOMIST: Consumer banking