More Commercial Lenders Slash Rates Paid on Deposits

Most of China’s national commercial banks have slashed interest rates paid on deposits in response to the government's call to further bolster the economy, following similar moves by big state banks last week.

Eleven of China’s 12 joint-stock banks, including China Merchants Bank, Ping An Bank and Zheshang Bank, Tuesday cut interest rates for on-demand deposits by 5 basis points, or 0.05 of a percentage point, to 0.2%. Rates paid on time deposits of two to five years were lowered by 10 to 15 basis points.