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China’s Banks Cut Deposit Rates in First Broad Move Since 2015

  • Seven major banks reduce benchmark deposit rates for clients
  • Moves come amid efforts by Beijing to boost economic growth
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China’s biggest banks lowered their benchmark deposit rates across the board for the first time since 2015, a move designed to help them boost lending to shore up growth in the world’s second-largest economy.

Seven major banks, including Bank of China Ltd., Industrial & Commercial Bank of China Ltd., Bank of Communications Co. and the Agricultural Bank of China Ltd. on Thursday cut deposit rates on a range of products, including demand deposits, three-month and five-year deposits. At some lenders, rates for one-year deposits were cut by 10 basis points to 1.65%, according to the lenders’ websites.