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Several villages banks in China, including Jilin Daan Huimin Village Bank, have said that they will lower the interest rates on some deposits, effectively from Friday, while banks including Inner Mongolia Wuhai Bank had already cut interest rates on some deposits on May 31, according to Chinese news outlet Cailianshe.
Most of the banks lowered the interest rates on long-term deposits, with a reduction in the range of 5 – 24 basis points, the report said.