Chinese banks, including five large state-owned lenders, on Friday cut interest rates on a range of deposits in a coordinated effort to ease pressure on their shrinking margins.
Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications on Friday cut their deposit rates by between 5 – 25 basis points, according to information on the website of the banks.
Other bnaks including China Merchants Bank, Industrial Bank, China Everbright Bank, Minsheng Bank, Ping An Bank, Zhenshang Bank and China Bohai Bank also announced they will start cutting interest rates on a range of deposits from Friday by 10-25 basis points.