Caixin
Apr 18, 2022 09:15 PM
FINANCE

Exclusive: China Banking Industry Group Encourages Lenders to Cut Deposit Rates

A teller takes a deposit on March 2 at a bank in Taiyuan, North China’s Shanxi Province. Photo: VCG
A teller takes a deposit on March 2 at a bank in Taiyuan, North China’s Shanxi Province. Photo: VCG

A banking industry body has encouraged smaller lenders to reduce the interest they offer on deposits, a move that could reduce the pressure on their finances, sources familiar with the matter told Caixin.

The self-discipline mechanism for market interest rate pricing, which is overseen by the central bank, recently suggested small and midsize banks lower their upper limit for deposit rates by 10 basis points, the sources said.

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