Several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday, following their larger peers in a coordinated move to ease pressure on profit margins.
The lenders cut rates on two-year time deposits by 10 bps points, and three-year and five-year time deposits by 15 bps points.
The rate cuts will help ease pressure on lenders' profit margins as savings held in banks had ballooned when the economy slowed during COVID-19 lockdowns.at the beginning of the second quarter, grappling with rising unemployment, rapidly worsening exports and a sluggish property market. The People's Bank of China will enhance "counter-cyclical" policy adjustments to fully support the real economy, central bank governor Yi Gang said in a meeting in Shanghai last week with financial institutions and companies, according to a statement.Reporting by Ziyi Tang and Ryan Woo; Editing by Sonali Paul
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