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China's 'Big Four' Banks Cut Interest Rates
Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and Bank of China have simultaneously lowered their deposit rates.
On July 25th, the five major banks including ICBC, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications simultaneously lowered their deposit interest rates. Among them, the three-month, six-month, and one-year fixed deposit rates were all lowered by 10 basis points, respectively 1.05%, 1.25%, and 1.35%; the two-year, three-year, and five-year fixed deposit rates were all lowered by 20 basis points, respectively 1.45%, 1.75%, and 1.8%. This means that if you deposit 1 million yuan for a tenure of 5 years, the interest received will decrease from the previous 0.1 million yuan to 0.09 million yuan, a decrease of approximately 0.01 million yuan.
Express News | China Construction Bank Announces 10-20 Basis Point Reduction in Time Deposit Rates - Statement
Express News | Icbc Announces 10-20 Basis Point Reduction in Time Deposit Rates Starting July 25
Lyon: The central bank optimizes the interest rate system, and the domestic banks are bullish on Agricultural Bank of China and China Construction Bank.
A report released by Lyon states that the People's Bank of China announced a rate cut earlier, with LPR for one-year and five-year terms decreasing by 10 basis points, reflecting the optimization of the interest rate system. The bank expects that the People's Bank of China will take more action, such as optimizing the transmission of interest rates with LPR and deposit pricing. After the United States took rate-cutting measures, the bank believes that the People's Bank of China has greater room for interest rate cuts, which may lead to a decline in net interest margin of banks. Lyon believes that a lower LPR will pose a challenge to net interest margin in the second half of this year and next year. However, in the long run, better transmission means that the bank's asset yield and liability cost are more matched, making banks more
Hong Kong stocks fluctuate | China mainland banking rises again, Agricultural Bank of China (01288) rises by more than 3% during trading, and bank deposit interest rates are expected to usher in a new round of cuts.
China mainland banking is rising again. As of press time, Agricultural Bank of China (01288) rose 2.6% to HKD 3.55; Industrial and Commercial Bank of China (01398) rose 2.07% to HKD 4.43; Bank of Communications (03328) rose 1.92% to HKD 5.84.
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