China

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

 

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:

Bank of Japan Seen Preparing for Currency Intervention

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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