Five major Chinese banks slash interest rates on some deposits

The cuts are the third this year following rounds in June and September. — Reuters

Five of China’s largest state banks lowered interest rates on some deposits yesterday, the third round of such cuts this year, offering the prospect of reduced lending costs at a time when the government is urging banks to support the economy.

Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank were among banks to cut rates for time deposits by as much as 25 basis points (bps), their websites show.