Hold onto your wallets! 💸 Starting this Thursday, six of the Chinese mainland’s largest banks have dropped their RMB deposit rates, shaking things up in the financial world!
The big players—Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China—are all on board. This is the first time they're making such a move this year and the fifth since September 2022. Talk about a trend!
So, what's changing? The annual interest rate for demand deposits is dipping by 5 basis points. For fixed deposits, full-term deposits for three months, six months, and one year are reduced by 10 basis points. And if you're looking at two-year, three-year, or five-year deposits, expect a 20 basis point drop.
Why does this matter? Lower deposit rates can mean more spending and investing—something to think about if you're keeping an eye on global markets! 🌏
Reference(s):
cgtn.com
