Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Hold · Rate caps

Officially supported deposit-rate agreements

What it is
Authorities support banking-association agreements or self-regulatory ceilings that restrain deposit competition even after formal interest-rate liberalisation.
Why it counts
Coordinated pricing prevents banks from bidding up returns to savers and preserves low funding costs.

When it was in force

  • China: 2015 → now, in force
  • Hong Kong: 1981 → 2001, historical; the rule may be older than the cited document

2 examples

  1. China

    2015 → nowIn force

    As cited: October 2015-present (documented to 2022)

    Member banks continued to price within a self-regulatory deposit ceiling after statutory administrative controls were removed.

    Interest Rate Self-regulatory Mechanism; PBC-guided ceiling reform of June 2021Primary source
    “autonomously set deposit rates within the self-regulatory ceiling of deposit interest rates.”

    pbc.gov.cn (opens in a new tab)Checked: quote matched on the page by script

    China today: index 59.5

  2. Hong Kong

    1981 → 2001Historical

    The rule may be older than the cited document · As cited: before July 2001

    Banks were required as association members to comply with maximum rates on covered Hong Kong dollar deposits.

    Hong Kong Association of Banks Rules on Interest Rates and Deposit ChargesSecondary source
    “All banks in Hong Kong, as members of HKAB, were required to observe these rules”

    hkma.gov.hk (opens in a new tab)Checked: quote matched on the page by script

Examples and their dates reviewed .

Further reading

8 more on rate caps