The Fed would earn 25 basis points on the deposits (by avoiding interest payments on bank reserves), although the FDIC would lose 20 basis points of deposit insurance premiums.

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Since mid-2004, American interest rates have risen by three percentage points, while Chinese deposit rates have barely changed.

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Risking stock ownership for a 1.90 dividend yield does not look so bad when bank deposit rates are in single digit basis points.

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