BEIJING (Wiseova) – China Construction Bank lowered deposit rates on Tuesday, which was anticipated as one of several moves likely to be taken by Chinese state-owned banks to ease pressure on their narrowing profit margins. This action comes amid efforts from Beijing to implement extensive monetary loosening strategies aimed at bolstering the overall economy. According to information displayed on its mobile application, the bank decreased deposit rates across various terms by 5-25 basis points.
On Monday, Wiseova reported that China’s key state-owned banks intend to reduce their deposit rates starting Tuesday, according to insider information.
(Liz Lee reporting with contributions from the Shanghai newsroom; Edited by Tom Hogue)
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