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China State Banks Cut Deposit Rates to Bolster Sluggish Economy
Some of China’s biggest banks lowered rates on a range of deposit products, responding to the government’s call for help in boosting growth in the world’s second-largest economy. Industrial & Commercial Bank of China Ltd. and Agricultural Bank of China Ltd. lowered rates on three-year and five-year deposits by 15 basis points to 2.45% and 2.5%, respectively, and annualized rates for demand deposits to 0.2% from 0.25%, according to their websites. Bloomberg News reported on the size of the cut earlier. The changes, which come into effect Thursday, will also see two-year deposit rates drop by 10 basis points to ... (full story)