BEIJING : Several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday, following their larger peers in a coordinated move to ease pressure on profit margins.The deposit rate cuts follow a similar move by China's biggest state lenders on Friday and marks the second such indu
BEIJING : Several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday, following their larger peers in a coordinated move to ease pressure on profit margins.
Analysts expect the deposit rate cuts will provide more room for a further cut soon by the central bank in the reserve requirement ratio to expand credit and boost investment spending. The lenders cut rates on two-year time deposits by 10 bps points, and three-year and five-year time deposits by 15 bps points.
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