Summary by Moomoo AI
China Postal Savings Bank (PSBC) announced on September 30, 2024, that it will adjust the pricing of savings agency fees for deposit absorption business. This adjustment is based on a supplementary agreement with Postal Group on the agency banking business framework, aiming to optimize the savings agency fee rate structure, reduce interest costs, and enhance the bank's active liability management capabilities. The adjusted tiered rates will differentiate pricing for deposits of different terms to guide deposit structure optimization and reduce liability costs. In addition, the bank and Postal Group have agreed to optimize the trigger conditions of the passive adjustment mechanism to better reflect changes in market interest rate levels. The effectiveness conditions of the 2024 supplementary agreement include obtaining approval from...Show More