Chinese banks’ average interest rate on time deposits declined in June from the previous month, according to data compiled by Rong 360, a platform on financial product information.
The average interest rate on 2-year and 3-year time deposits fell by the most, down 7.8 basis points and 11.4 basis points, respectively, showed the data.
The average rate on 3-year time deposits fell to 2.996%, falling below 3% from the first time this year.
