China's large state-run banks lowered deposit rates

16:19 - 8.06.2023

June 8, Fineko/ China's large state-owned banks have lowered their deposit rates.

ABC.AZ reports that China's largest state-governed banks reduced deposit rates to bring some relief to the financial sector and the economy as a whole.

"Industrial & Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China & Construction Bank of China reduced interest rates on deposits for 3 and 5 years by 15 basis points, and annual interest rates on demand deposits by 5 basis points.

The changes, which came into force on June 8, will also reduce interest on two-year deposits by 10 basis points.