Shanghai Securities News (Chinese state-backed financial media) with the report.
- Small and medium-sized banks have lowered their deposit rates, helping to reduce their liability costs
- believed to be a continuation of the reduction in bank deposit rates at the end of last year
- larger banks, then joint-stock banks, have reduced rates, medium and smaller now following
The article notes:
- Recently, the People’s Bank of China and four other departments jointly issued a notice to promote a steady decline in loan interest rates.
This article was written by Eamonn Sheridan at www.forexlive.com. Source