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Industrial and Agricultural Bank of China, among other state-owned banks, have taken action and a new round of deposit rate cuts has officially formed?
According to the Daily Economic News, a major bank will reduce its deposit benchmark interest rate on July 25, with a 20 basis point reduction for a 2-year term. More news is being updated.
Northbound funds | Northbound funds added positions of China mainland banking! Sold Meituan for over HKD 0.6 billion; Southbound funds reduced their positions in Moutai by over CNY 0.4 billion.
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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.
Gemdale to Provide 250 Million Yuan Guarantee for 500 Million Yuan Project Loan; Shares Down 3%
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
Nanshui sold more than 0.3 billion yuan of Maotai, while Beishui further bought more than 0.4 billion Hong Kong dollars of Tencent.
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