Higher Interest Rates for Housing Fund Deposits

Xinhua: China raises deposit rate for housing provident fund

The rate will be increased to 1.5 percent starting from Feb. 21, the People's Bank of China (PBOC) said in a statement. The current rate is 0.35 percent or 1.1 percent, depending on when the deposits were placed.

The housing provident fund is a saving program that allows employees and employers to set aside a portion of wages that can be used as mortgage deposits.