China Mega Banks Cut Deposit Rates, Signaling More Policy Easing
- Analysts expect lending rates to be lowered as soon as January
- PBOC may also cut reserve requirement ratio in coming months
Source: Bloomberg
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China’s biggest state-owned banks are slashing deposit rates again, fueling expectations this will create more wiggle room for the central bank to cut lending rates early next year.
Five major banks including the Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. lowered the rates for a slew of products including time deposits on Friday.