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China Banks Cut Deposit Rates For First Time in 7 Years – FT

Interest rates for three-year deposits were cut by 0.15 percentage points and rates for three-year certificates of deposit were also lowered by a 0.1 percentage point


Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo
Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China. Photo: Reuters

 

A group of China’s largest state-run banks have cut deposit rates for the first time in seven years in a bid to boost its flagging economy, The Financial Times reported.

Interest rates for three-year deposits were cut by 0.15 percentage points to 2.6%, said the report, by the likes of Bank of China, Industrial and Commercial Bank of China, Bank of Communications and the Agricultural Bank of China. Rates for three-year certificates of deposit were also lowered by 0.1 percentage points to 1.45 per cent, it added.

Read the full report: The Financial Times

 

Read more:

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China Bank Loans Fall Short of Forecasts, Credit Growth Weak

China Banks Face Profit Squeeze From Covid, Property Crisis

 

 

Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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