Chinese commercial banks lower RMB deposit rates

China's six major state-owned commercial banks have successively announced to lower their interest rates for RMB deposits starting Thursday.

The six major commercial banks are the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China.

After the adjustment, except for the slightly higher interest rates of some deposits of Postal Savings Bank, the deposit interest rates of other five banks are: the annual interest rate for demand deposits is 0.15 percent; the interest rates for three-month, six-month and one-year deposits are 1.05 percent, 1.25 percent and 1.35 percent, respectively; the interest rates for two-year, three-year and five-year deposits are 1.45 percent, 1.75 percent and 1.8 percent, respectively.

In addition, the interest rates for deposit in installment with lump-sum withdrawal, lump-sum deposit with withdrawal in installment, and interest withdrawal on principal deposited, are all reduced by 10 basis points.

"Starting today, our interest rates have been adjusted. Our demand deposit rate has been reduced by 5 basis points, the interest rates for three-month, six-month and one-year deposits have been reduced by 10 basis points, and the interest rates for two-year, three-year and five-year deposits have been reduced by 20 basis points. Other deposit rates have also been adjusted. Deposits made from today will be subject to the current interest rate, and deposits made before will not be affected," said Sun Liyuan, marketing director of the business department of China Construction Bank's Beijing Chang'an Branch.

Since September 2022, banks including the six major commercial banks have lowered their RMB deposit rates four times, and Thursday's adjustment is the first adjustment this year.

Chinese commercial banks lower RMB deposit rates

Chinese commercial banks lower RMB deposit rates

Chinese President Xi Jinping on Friday called for stronger relations between China and the Republic of Korea (ROK) and enhancing the strategic cooperative partnership between the two countries in efforts to boost development and foster regional peace.

Xi made the remarks in his meeting with ROK President Yoon Suk-yeol on the sidelines of the 31st APEC Economic Leaders' Meeting, which is being held on Friday and Saturday in Lima, capital of Peru.

"The past two years have seen many changes in the international and regional situation, but bilateral ties between China and ROK have maintained a momentum of development on the whole. No matter how the situation changes, China and ROK should stick to the original intention in establishing diplomatic ties, firmly adhere to the direction of good-neighborliness and friendship, and remain committed to the goal of mutual benefit and win-win cooperation. The two sides should give full play to the advantages of geographical proximity, cultural affinity and economic integration to strengthen exchanges and deepen cooperation, and promote a sound and steady development of the strategic cooperative partnership between the two countries, so as to better benefit the people of the two countries and make greater contribution to regional peace, stability, development and prosperity. I am also ready to play a leading role with Mr. President in this regard," said Xi.

This year's APEC Economic Leaders' Meeting takes place under the theme "Empower, Include, Grow", gathering heads of state and other dignitaries from 21 member economies across the Asia-Pacific region, including China, the United States, and other major economies in Southeast Asia.

Xi calls on China, ROK to enhance strategic cooperative partnership