Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 20 (Xinhua) — China’s top commercial banks on Tuesday announced the first cut in deposit interest rates in 2025.
The interest rate on one-year term deposits has been cut by 15 basis points to 0.95 percent, according to reports from the Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China and China Merchants Bank.
After adjustment, the rates on term deposits for two years, three years and five years are 1.05%, 1.25% and 1.3%, respectively.
Prior to this, commercial banks reduced interest rates on deposits twice, in July and October last year.
Also on Tuesday, China cut its benchmark lending rates: The benchmark interest rate (LPR) for one-year loans fell to 3 percent from 3.1 percent, and the LPR for loans longer than five years, which many lenders use to set their mortgage rates, was cut to 3.5 percent from 3.6 percent. -0-