- Chinese authorities have asked big banks to lower deposit rates for the second time in less than a year.
- State-owned lenders, including Bank of China, ICBC, and Bank of Communications, were advised to cut rates on a range of products.
- Banks are assessing the request and may adjust rates as early as this week.
- The move aims to stimulate consumer spending and boost credit supply.
- Lower deposit rates would make it more attractive for consumers and businesses to borrow.
China Asks Big Banks to Cut Deposit Rates Again to Boost Economy
Chinese authorities have asked the nation’s biggest banks to lower deposit rates for the second time in less than a year in a move to stimulate consumer spending and boost credit supply. State-owned lenders including Bank of China Ltd., Industrial & Commercial Bank of China Ltd. and Bank of Communic