Major Chinese banks cut deposit rates after reduction in lending rates
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 25 2024
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Source: reuters
Bank Rate Cuts: Five major state-owned banks in China have announced cuts to deposit rates by 5 to 20 basis points, following a recent reduction in benchmark lending rates aimed at stimulating economic growth.
Economic Impact: The rate cuts are intended to lower funding costs for banks and encourage consumer spending amidst challenges such as weak loan demand and a property crisis, despite potentially impacting lenders' profit margins.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
