China’s State Banks Cut Deposit Rates to Bolster Economy
- ICBC, AgBank, BOC among lenders lowering deposit rates
- Beijing called on banks to cut deposit rates to help economy
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Some of China’s biggest banks lowered rates on a range of deposit products, responding to the government’s call for help in boosting growth in the world’s second-largest economy.
Industrial & Commercial Bank of China Ltd., Agricultural Bank of China Ltd., Bank of China Ltd., Bank of Communications Co. and China Construction Bank Corp. cut rates on three-year and five-year deposits by 15 basis points, respectively, and annualized rates for demand deposits by 5 basis points, according to their websites. The changes, which come into effect Thursday, will also see two-year deposit rates drop by 10 basis points.