China’s biggest banks were urged to cut rates on demand deposits by 5 basis points and three-year and five-year time deposits by at least 10 basis points, Bloomberg News reported
Chinese authorities have asked the nation’s biggest banks to lower their deposit rates for at least the second time in less than a year in an effort to boost the economy, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The banks were urged to cut rates on demand deposits by 5 basis points and three-year and five-year time deposits by at least 10 basis points, Bloomberg News reported.
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