China's Leading Banks Slash Time Deposit Rates Following Benchmark Cuts

Two of China's largest banks, ICBC and AgBank, announced reductions in their time deposit rates by 10-20 basis points. This decision follows China's central bank's recent cut in benchmark lending rates. The move is expected to trigger similar actions by other Chinese banks.

The Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China (AgBank) announced on Thursday that they are cutting time deposit rates by 10-20 basis points. The decision comes days after China reduced its benchmark lending rates.

According to statements posted on the websites of both banks, these adjustments aim to align with the recent central bank measures. The changes are expected to stimulate borrowing and economic activity by making savings slightly less attractive.

As two of China’s most influential banks, ICBC and AgBank’s rate cuts are likely to set a trend, with more Chinese banks anticipated to follow suit in the near future.