More than 10 Chinese joint-stock banks lowered deposit rates starting Monday, following similar moves made by the country's biggest state-owned banks on Friday, in a step that analysts say would effectively help banks ease financial burdens amid lowering loan interest rates.
The banks' moves to lower deposit rates have also been interested by some analysts and media outlets as paving the way for further monetary policy actions to boost the country's economic recovery in 2024.
Starting on Monday, a number of joint-stock banks, including China CITIC Bank, Ping An Bank, China Everbright Bank and China Minsheng Bank lowered their deposit rates, according to the Beijing Daily newspaper, which listed at least 10 banks.
While the banks made different adjustments based on their different situations, they generally lowered their one-year deposit rate by 10 basis points, their two-year deposit rate by 20 basis points and their three-year and five-year deposit rates by up to 25 basis points, according to the report. After the adjustments, the one-year deposit rates for some of banks, including China CITIC and Ping An, stood at 1.65 percent.
This followed a similar move to lower deposit rates by the joint-stock banks in September. It also came just days after the country's biggest state-owned banks, including the Industrial and Commercial Bank of China and the Agricultural Bank of China, moved to lower deposit rates on Friday.
多家股份制银行宣布下调存款利率，最高降25个基点
