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Banks May Cut Deposit Rates Further

CHINA PRESS
MNI (Singapore)

Commercial banks will lower deposit interest rates further as the reductions on existing housing mortgage rates pressure profit margins, said Ming Ming, chief economist at CITIC Securities. Ming estimates major banks may play a leading role in cutting the pricing level of long-term deposits and a 10-30bp cut will help lower the average deposit cost by about 2-4bp. Recently, rural commercial banks and village banks in Jilin, Henan and Shandong provinces have cut rates on one-year, three-year, and five-year deposits by 10-40bp, mainly to follow up on the national deposit rate cut by major banks in September. The average interest rate on one-year deposits was 1.988% after the September cut. (Source: Shanghai Securities News)

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