Smaller Chinese Banks Reduce Time Deposit Interest Rates by Approximately 45 Basis Points in Response to Economic Conditions
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Smaller Chinese Banks Reduce Time Deposit Interest Rates by Approximately 45 Basis Points in Response to Economic Conditions

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Small lenders will pay, after adjustment, about 1.9% per annum for one-year deposits

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Some of China’s smaller banks cut rates on time deposits by about 45 basis points over the weekend, following a similar move by larger banks last year.

This comes after several cuts in lending rates by China’s central bank that started to squeeze their margins.

Adjusted small lenders will pay about 1.9% annually for one-year deposits, down from 2.25% previously.

The People’s Bank of China unexpectedly lowered the reserve requirement ratio late last month in a move that will give lenders more liquidity to disburse loans and lower financing costs.

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