China’s Mega Banks Trim Deposit Rates as Stimulus Hits Profits
- Latest deposit rate cut is the second time this year
- China banks’ net interest margins hit record low at end-June
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China’s largest state-owned lenders have cut their deposit rates on Friday, their second reduction this year as they rushed to salvage record low margins amid weakened profitability.
Major banks including Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. trimmed the interest offered on one-year, two-year, three-year and five-year time deposits by 25 basis points, according to levels shown on their respective apps.