China Banks Mull Cutting Deposit Rates as Early as This Week [Yahoo! Finance]
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Source: Yahoo! Finance
Most Read from Bloomberg Major banks including Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. will be guided by the central bank's interest rate self-disciplinary mechanism to lower the rates on a number of deposit products, said the people, who asked not to be identified discussing a private matter. Rates on one-year time deposit may drop by at least 20 basis points, while those on longer tenors may come down at least 25 basis points, the people said. The plans have yet to be finalized, they said. The cuts would mark the second such reduction this year, following the previous round in late July. The People's Bank of China didn't immediately respond to a request for a comment. The moves come after China unveiled its biggest package yet to shore up its sputtering economy, slashing policy rates as well as the borrowing costs on $5.3 trillion in outstanding mortgages. The PBOC last month delivered the biggest-ever decrease to the interest rate cha
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