Major Chinese banks, including ICBC, Agricultural Bank, Bank of China, and China Construction Bank, reduced deposit interest rates by up to 20 basis points in 2024.

Major Chinese banks, including the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank, have announced a reduction in deposit interest rates by up to 20 basis points. This is the first deposit rate cut for China's major state-owned banks in 2024, following previous cuts in June, September and December last year. The one-year fixed-term deposit interest rate was cut by 10 basis points to 1.35 percent.

July 24, 2024
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