Brent Lewin | Bloomberg | Getty ImagesFive of China's major state-owned banks on Thursday cut deposit rates to cushion a hit to their already record low margins after this week's surprise lowering of lending benchmarks to bolster stuttering economic growth.
Industrial and Commercial Bank of China (ICBC) , Agricultural Bank of China , China Construction Bank , Bank of China and Bank of Communications cut deposit rates by 5 to 20 basis points, according to statements on their websites.
It marks the first broad reduction in deposit rates by Chinese banks since December last year.
Prior to that, Chinese lenders had broad cuts to deposit rates in late 2022, their first such move since 2015.
ICBC cut its demand deposit rate by five basis points to 0.15% and one-year deposit rate by 10 basis points to 1.35%.
Persons:
Brent Lewin, Nie Wen, Nie
Organizations:
Agricultural Bank of China Ltd, Bloomberg, Getty, Commercial Bank of China, Agricultural Bank of, China Construction Bank, Bank of China, Bank of Communications, Shanghai Hwabao Trust
Locations:
Guangdong, Guangzhou, Guangdong Province, China, Agricultural Bank of China, Shanghai