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.
Business & Finance
China’s big four state banks to lower deposit rate ceilings
10 May 2023, 7:21 pm 1 minute
China’s central bank does not set bank rates directly but guides them through the market-based mechanism, which comprises banks big and small.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & FinanceFinancial Services
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story