On June 8, the largest banks in China announced that they have dropped their interest rates on Yuan deposits, a move that would relieve pressure on profit margins and free up funding for lower borrowing costs.
According to websites from each bank, the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank all reduced their rates as of Thursday.
The state-backed banks lowered interest rates for time deposits of three and five years by 15 basis points and for demand deposits by 5 basis points.
The prior action was taken in September, making this the second such cut inside a calendar year.
According to four persons with firsthand knowledge of the situation, a regulatory agency within the persons's Bank of China has instructed bankers to decrease their rates on US dollar deposits as well.
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