Chinese banks cut deposit rates: report

The banks cut deposit rates between 5 and 25 basis points.

Five of China’s biggest banks cut interest rates on 1 September, reports Reuters, based on the websites of the banks.

The banks– which include Industrial and Commercial Bank of China, China Construction Bank Corp, and Agricultural Bank of China– cut their deposit rates by between 4 and 25 basis points.

ALSO READ: China’s financial sector may be hit by Zhongrong’s missed payments

Three anonymous sources earlier said that major state banks would likely cut deposit rates as they prepare to lower interest rates on existing mortgages, part of Chinese authorities’ efforts to revive the debt crisis-hit property sector.

Starting 25 September, first-time home buyers with mortgages can apply to their banks for a lower interest rate on their existing loans, regulators announced earlier this week.

ALSO READ: China state-owned banks to post ‘sharp’ revenue decline: report

Two of China's biggest cities, Guangzhou and Shenzhen, also eased mortgage curbs this week, broadening the definition for home buyers to enjoy preferential loans for first-home purchases.

Here’s more from Reuters:

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