China cuts market-based lending rates norms; banks cut interest rates

Major commercial banks in China have today reduced deposit interest rates, the first this year.
The Industrial and Commercial Bank of China, the Bank of China, the China Construction Bank, the Agricultural Bank of China and the China Merchants Bank lowered the one-year fixed-term deposit interest rate by 15 bps to 0.95 per cent.
The market-based benchmark lending rates were also cut.Read More