Investing.com -- Major state-owned banks in China, including the Industrial and Commercial Bank of China, China Construction Bank (OTC:CICHF), and Bank of China, are set to decrease their deposit rates starting Tuesday. This move is aimed at relieving the pressure on profitability as China lowers lending rates to stimulate its slowing economy.
The banks plan to reduce rates on some fixed-term deposits, according to Reuters, citing three anonymous sources who are not authorized to speak to the media. The exact scale of the rate cuts has not been disclosed. The banks have not yet responded to requests for comment.
Earlier this month, Chinese authorities introduced several stimulus measures to mitigate the economic impact of the ongoing trade war with the United States. These measures include interest rate cuts and a significant liquidity injection.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.