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Large Banks to Cut Deposit Rates For Fourth Time This Year

CHINA

Guangzhou Daily writes that China's large banks are to cut their deposit rates on Friday.

  • Not the first time we've seen China's largest banks cut deposit rates this year - in fact this would be the fourth instance.
  • Seen as a step to protect profitability. Back in September, major banks (followed later by rural banks) made a coordinated cut to deposit rates: One-year annualized rate for deposits was lowered by 10 basis points to 1.55%, while the five-year rate was cut by 25 basis points to 2.25%.

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