Starting Thursday, six of China’s largest commercial banks have lowered their RMB deposit rates, marking the first reduction by these major banks this year and the fifth such adjustment since September 2022.
The banks implementing these changes are the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China.
Specifically, the annual interest rate for demand deposits has been lowered by 5 basis points. Fixed deposit rates, including full-term deposits for three months, six months, and one year, have been reduced by 10 basis points. The rates for two-year, three-year, and five-year deposits have been lowered by 20 basis points.
This adjustment may influence how individuals and businesses handle their savings and investment strategies, as lower deposit rates could encourage more spending and investment activities.
Reference(s):
cgtn.com
