China's major state-bank interest rates lowered by 25 bps to 1.1% for stimulating domestic consumption and economy.

China's major state-owned banks have lowered one-year fixed-term deposit interest rates by 25 basis points to 1.1%, marking the second reduction this year. This move aims to stimulate domestic consumption and bolster the economy amid sluggish growth. The cuts were announced by prominent banks, including the Industrial and Commercial Bank of China and the Agricultural Bank of China.

October 18, 2024
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