China’s big four state banks to lower deposit rate ceilings

by DailyBriefers

Business & Finance

Reuters exclusively reported that China has told its “big four” state-owned banks to reduce the ceiling on interest rates they pay on some deposits. The interest rate self-disciplinary mechanism, a top regulatory body overseen by the People’s Bank of China, urged lenders to lower ceilings on some personal and corporate deposits by 30 basis points (bps), effective on May 15.

Market Impact

China’s central bank does not set bank rates directly but guides them through the market-based mechanism, which comprises banks big and small. 

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & FinanceFinancial Services

Regions: Asia

Countries: China

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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