The People's Bank of China, or China's central bank, announced Thursday to raise the deposit interest rate of US dollar and HK dollar as of May 20.

According to the central bank, the upper limit of the interest rate for one-year US dollar deposits will increase by 0.25 percentage points to 1.125 percent.

It also announced a 0.1875 percentage point hike in the upper limit of the interest rate of one-year HK dollar deposits, raising it to 1 percent.

Source: Xinhua