The People's Bank of China announced Thursday, the interest rate of small sum of savings in US and HK dollars will be raised from Friday.

One-year savings of US and HK dollars will be raised 0.5 percent to 1.625 and 1.5 percent respectively.

Two months ago, the bank also raised the interest rate. This time the decision to raise the rate was due to the increased value of Chinese yuan by 2 percent.

Experts said when the interest rate is raised, the opportunity in foreign currency will be larger, so it will be helpful to maintain a stable interest rate.

Source: Xinhua