China’s six biggest state-run banks cut deposit rates on Thursday as Beijing searched for ways to boost growth in the world’s second-largest economy amid doubts over the strength of its recovery.
Lenders including Industrial and Commercial Bank of China, China Construction Bank and Bank of China are now offering 2.45 per cent and 2.5 per cent on three- and five-year deposits, respectively, down 15 basis points from September, according to the banks’ websites. Similar cuts were made at Postal Savings Bank of China, Agricultural Bank of China and Bank of Communications.
The banks also cut the rate for on-demand deposits by 5 basis points to 0.2 per cent, the lowest level since 1996.
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