Chinese banks cut deposit rates: report

The banks cut deposit rates between 5 and 25 basis points.

Five of China’s biggest banks cut interest rates on 1 September, reports Reuters, based on the websites of the banks.

The banks– which include Industrial and Commercial Bank of China, China Construction Bank Corp, and Agricultural Bank of China– cut their deposit rates by between 4 and 25 basis points.

ALSO READ: China’s financial sector may be hit by Zhongrong’s missed payments

Three anonymous sources earlier said that major state banks would likely cut deposit rates as they prepare to lower interest rates on existing mortgages, part of Chinese authorities’ efforts to revive the debt crisis-hit property sector.

Starting 25 September, first-time home buyers with mortgages can apply to their banks for a lower interest rate on their existing loans, regulators announced earlier this week.

ALSO READ: China state-owned banks to post ‘sharp’ revenue decline: report

Two of China's biggest cities, Guangzhou and Shenzhen, also eased mortgage curbs this week, broadening the definition for home buyers to enjoy preferential loans for first-home purchases.

Here’s more from Reuters:

Also Read

JuanHand embeds loans in Shopee, TikTok Shop

APAC developed market banks to see limited loan growth, NIM pressures

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit