China's Mega Banks Trim Deposit Rates as Stimulus Hits Profits [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. trimmed the interest offered on one-year, two-year, three-year and five-year time deposits by 25 basis points, according to levels shown on their respective apps. Bloomberg News reported Tuesday that Chinese banks could reduce rates on 300 trillion yuan ($42.1 trillion) of deposits as soon as this week as the government's stimulus measures further squeeze profits. The lenders last lowered the rates in July. China last month unveiled its biggest package yet to shore up its sputtering economy, slashing policy rates as well as borrowing costs on $5.3 trillion in outstanding mortgages. The central bank also delivered the biggest-ever cut on the interest rate charged on its one-year policy loans and Governor Pan Gongsheng had said a reduction in deposit rates would follow. Chinese banks embarked on their deposit rate cut cycle in late 2022 with a broad-based
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