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China: banks cut deposit rates

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China: banks cut deposit rates

The main Chinese banks have cut interest rates on deposits, in an attempt to revive economic growth in a context of slow recovery in consumption.

The country’s six largest state-owned commercial banks upgraded interest rates on yuan-denominated overnight deposits to 0.2%, down from 0.25% last year, according to audits by CNBC.

Banks also cut rates on other deposits, including five-year deposits from 2.65% to 2.5%.

This is the second rate cut after the one made in September. The aim is to ease pressure on banks’ interest margins and reduce borrowing costs, providing some relief to the financial sector and the wider economy.

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