This week, 9 banks increased their time deposit interest rates, and Fubon Bank reversed its decision to raise interest rates.

According to Jinshi Data, 9 banks increased their time deposit rates this week, including Public Finance, Chiyu Bank, ICBC, CCB, PAObank, Fubon, Shanghai Commercial Bank, Bank of Communications and Fubon. Fubon cut interest rates three times in seven days in the first half of the month, but now it has finally turned around and raised interest rates.

Four other Hong Kong banks reduced their fixed deposit rates, namely Dah Sing, DBS, OCBC and Public Bank. Dah Sing withdrew its 4% interest rate. In the second half of November, only the six-month period saw a major reshuffle in the high interest rate list. Public Bank Finance increased its 3-month, 4-month and six-month deposits by 0.125%, bringing the new interest rate to 3.625%, narrowly beating OCBC Bank's 3.6%.

Looking ahead to the market next week, faced with competition for fund withdrawals and the approaching monthly settlement, interbank rates will turn upward, and small and medium-sized banks are expected to continue to rush for deposits.