Standard Chartered Dangles 10% Deposit Rate to Draw Mainland Cash

(Bloomberg) — Standard Chartered PLC is offering short-term deposit rates of as high as 10% as the lender seeks to attract Chinese customers.

Select customers that are part of the Wealth Management Connect program can exchange yuan to U.S. dollars with funds equivalent to HK$100,000 ($12,770) or more and earn a preferential rate of 10% per annum for a one-month time deposit, according to a statement.