Several Major Chinese Banks to Cut Deposit Rates

What’s new: Some of China’s biggest banks are lowering the interest they offer on deposits, Caixin has learned, as authorities have encouraged lenders to do so to ease their cost burden amid the ongoing Covid-19 pandemic.

Several Beijing branches of the major banks have released notices that they will reduce the upper limit of the interest rates on two-year and three-year fixed deposits by around 10 basis points on Monday, sources familiar with the matter said.