Major Chinese banks cut deposit rates

Major Chinese banks, including China's six largest State-owned banks and several joint-stock banks, announced a reduction in deposit interest rates on Friday by 25 basis points at most, Beijing Business Today reported.

The one-year deposit rate was cut by 10 basis points to 1.55 percent, while the two-year deposit rate was cut by 20 basis points to 1.85 percent, according to the official deposit interest rates released by the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications, etc.

The three-year and five-year lump sum deposit and withdrawal rates were lowered by 25 basis points to 2.2 percent and 2.25 percent, respectively. While the interest rates for demand deposits, three-month and six-month lump sum deposits and withdrawals will remain unchanged, according to a report of news portal ThePaper.com.

Among the joint-stock commercial banks, Industrial Bank, China Citic Bank, Ping An Bank, China Everbright Bank, China Merchants Bank, China CZ Bank, China Bohai Bank, Hengfeng Bank and China Minsheng Bank have also made adjustments.

On the whole, the interest rates of many joint-stock banks with a term of 1, 2, 3 and 5 years were generally reduced by 10 basis points, 20 basis points, 25 basis points and 25 basis points respectively, the report said.