(China, 20th) Several Chinese state-owned banks reduced their deposit rates on the 20th.
The Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and China Merchants Bank adjusted their RMB deposit rate tables on the 20th through their official apps or websites. Among these, current deposit rates decreased by 0.05 percentage points to 0.05%, while fixed-term deposit posted rates for various periods were reduced by 0.15 to 0.25 percentage points.
Specifically, the posted rates for fixed-term deposits of three months, six months, one year, and two years were all lowered by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The three-year and five-year fixed-term deposit posted rates were both reduced by 25 basis points to 1.25% and 1.30%, respectively. Before the adjustment, the posted rates for these fixed-term deposits were 0.8%, 1.00%, 1.10%, 1.20%, 1.50%, and 1.55%, respectively.
If 200,000 RMB is deposited for 3 years, the interest earned will be 1,500 RMB less after a 25 basis point rate cut.
Additionally, the notice deposit rates were also lowered, with the 7-day notice deposit rate falling from 0.45% to 0.30%, while the 1-day notice deposit rate remains unchanged at 0.10%.
According to a report by The Paper, it is customary for China's six major state-owned banks and China Merchants Bank to lower RMB deposit rates on the same day, with the adjustment amplitude being consistent.
Earlier this month, Chinese authorities announced a series of stimulus measures, including rate cuts and injecting massive liquidity into the financial system. Beijing is intensifying efforts to mitigate the economic losses caused by the trade war with the United States.
The Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and China Merchants Bank adjusted their RMB deposit rate tables on the 20th through their official apps or websites. Among these, current deposit rates decreased by 0.05 percentage points to 0.05%, while fixed-term deposit posted rates for various periods were reduced by 0.15 to 0.25 percentage points.
Specifically, the posted rates for fixed-term deposits of three months, six months, one year, and two years were all lowered by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The three-year and five-year fixed-term deposit posted rates were both reduced by 25 basis points to 1.25% and 1.30%, respectively. Before the adjustment, the posted rates for these fixed-term deposits were 0.8%, 1.00%, 1.10%, 1.20%, 1.50%, and 1.55%, respectively.
If 200,000 RMB is deposited for 3 years, the interest earned will be 1,500 RMB less after a 25 basis point rate cut.
Additionally, the notice deposit rates were also lowered, with the 7-day notice deposit rate falling from 0.45% to 0.30%, while the 1-day notice deposit rate remains unchanged at 0.10%.
According to a report by The Paper, it is customary for China's six major state-owned banks and China Merchants Bank to lower RMB deposit rates on the same day, with the adjustment amplitude being consistent.
Earlier this month, Chinese authorities announced a series of stimulus measures, including rate cuts and injecting massive liquidity into the financial system. Beijing is intensifying efforts to mitigate the economic losses caused by the trade war with the United States.