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Big Four Told to Cut Depo Rate Ceilings

CHINA
  • China has told its "big four" state-owned banks to cut deposit rate ceilings on some products, three sources with knowledge of the matter said.
  • The interest rate self-disciplinary mechanism, a top regulatory body overseen by the People's Bank of China, urged the lenders to lower ceilings on some personal and corporate deposits by 30 basis points, effective on May 15, the sources said - Reuters
  • Note - this isn't the first time the regulators have made such a step: back on April 15th, the regulators made a similar recommendation - encouraging smaller banks to lower the ceiling on deposit rates by 10bps.
  • The moves aren't mandatory, but it's commonly known that lenders who comply receive bonus points in future macro prudential assessments, so is a strong incentive. Step is part of the process to help ease pressure on bank funding costs.
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