China nudged banks this month to cut deposit interest rates further, seven people with knowledge of the matter said, in the latest effort to channel the country's vast savings pool into spending and more productive investments.
Activity in the world's second-largest economy has gained momentum since the lifting of stringent zero-COVID policy in December, but investors remain cautious as businesses grapple with debt risks, structural woes and a slowing global economy. One of China's"big four" state lenders plans to cut some personal and corporate rates next week, another person briefed on the plans told Reuters. Products to be affected include"call deposits" and"agreement deposits".
That's drawn vast flows to the banking system at a time when Beijing is trying to encourage spending, and it has squeezed bank margins while credit demand remains subdued. "The market adjustment mechanism of deposit rates has turned 'rigid' from 'soft'," Golden Credit Rating International Co said in a report.
Source: Loan Digest (loandigest.net)
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