China State-Owned Banks Mull Further Deposit Rate Cuts, Bloomberg Reports
--China's biggest state-owned banks, including Industrial & Commercial Bank of China and China Construction Bank, are mulling lowering deposit rates for the third time in a year to boost the economy and protect margins, Bloomberg reports, citing people familiar with the matter.
--The banks may cut rates on local currency deposits by between five and 20 basis points, according to Bloomberg.
--Regulators have signed off on the plan and may announce it as soon as Friday, Bloomberg reports.
Full story: https://shorturl.at/egst8
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
August 29, 2023 05:45 ET (09:45 GMT)
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