Chinese banks to cut deposit rates in response to government stimulus and interest rate cuts.
Chinese banks are set to cut deposit rates soon, responding to recent government stimulus measures that have pressured their profitability. This adjustment will impact approximately 300 trillion yuan ($42.3 trillion) in deposits, with one-year rates potentially dropping by 20 basis points and longer-term rates by 25 basis points. This follows the People's Bank of China's significant interest rate cuts aimed at revitalizing the economy, despite ongoing declines in net interest margins.
October 15, 2024
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