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China Banks Lower Rates of Large Deposits: News

CHINA PRESS
MNI (Singapore)

Chinese banks cut interest rates of large deposit certificates as a new pricing mechanism for lenders' deposits introduced took hold, the Shanghai Securities News reported. Deposits bearing relatively high rates will likely see rates decline, helping reduce banks' costs and ultimately lower their lending rates, the newspaper cited analysts as saying. The new mechanism adds a basis points differential on the benchmark interest rate, differing from the previous that was percentage-based, the newspaper said.

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