Caixin
Sep 16, 2022 09:13 PM
FINANCE

Chinese Banks Now Have Greater Say in Determining Deposit Rates

A staff member at China Construction Bank counts cash in Hai'an, Jiangsu province on Sept. 14. Photo: Tha Paper
A staff member at China Construction Bank counts cash in Hai'an, Jiangsu province on Sept. 14. Photo: Tha Paper

For the first time, major Chinese commercial banks have lowered reference deposit rates for general customers while the central bank benchmark remains unchanged, marking a step forward in a decades-long push for lenders to set interest rates based on market factors.

On Thursday, China’s “Big Five” state-owned commercial banks — Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd., Bank of Communications Co. Ltd., China Construction Bank Corp. (CCB) and Bank of China Ltd. — lowered all savings products’ reference interest rates for average customers, according to their websites.

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