Several small and mid-sized banks in China have lowered their deposit interest rates, a move that could help ease costs as loan growth faces more pressure amid rising economic risks. | Reuters
China’s economy reopened after zero-COVID policies were lifted in December but commerce and domestic demand are not back to pre-pandemic levels. The foundation of the recovery is not yet solid, analysts warned.
“But the costs of liabilities of banks remain relatively rigid, and net interest margins continue to shrink, which added to their operating pressures,” he said. The deposit rate cuts by some Chinese banks in April were “normal behavior” guided by the self-disciplinary mechanism, the People’s Bank of China said in response to a Reuters request for comments, a mechanism that was rolled out for market-orientated pricing of interest rates.
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