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Several CN Banks Lower Fixed Deposit Rates to Below 2%: Report
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Several major joint-stock banks and small to medium-sized banks in China have recently reduced their bank deposit interest rates, Chinese media reported. The reduction in medium to long-term deposit rates ranged from 10 to 50 bps. Currently, most banks' fixed deposit rates are generally below 2%. The report cited an employee from Ping An Bank (000001.SZ) in Shenzhen as saying that the 3-year fixed deposit rate was lowered by 0.4% last week from 2.05% to 1.65%. SPD Bank (600000.SH) also cut its 3-year fixed deposit rate by 0.1% to 2.05%. Nearly 20 urban and rural commercial banks and rural banks lowered their 3-year and 5-year fixed deposit rates in this round of adjustments. Most of them saw their fixed deposit rates fall below 2% after the cuts. AAStocks Financial News |
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