After the six major state-owned banks cut deposit rates, at least 8 joint-stock banks announced a cut in deposit rates


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After the six major state-owned banks cut deposit rates, many joint-stock banks followed suit. According to incomplete statistics, on September 16, at least 8 joint-stock banks, including China CITIC Bank, China Everbright Bank, Minsheng Bank, Ping An Bank, Shanghai Pudong Development Bank, Guangfa Bank, Hua Xia Bank, and Hengfeng Bank, announced a reduction in deposit interest rates. The reduction is 5 basis points, and the reduction rate for various time deposit products ranges from 10 to 50 basis points. The market expects that more banks will join the ranks of cutting deposit rates. The collective reduction of deposit interest rates by many banks this time is seen as a follow-up to the LPR reduction in August. “This is the bank’s initiative to stabilize the interest rate spread and reduce the cost of debt. It is different from the reduction in April this year under the guidance of the central bank. It will directly point to a separate reduction in the LPR in the next two months.” There is a market analysis pointed out. (Securities Times)
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