After the six major state-owned banks took the lead in lowering deposit interest rates, on October 21, a number of stock banks, including Industrial Bank, China CITIC Bank, Pudong Bank, and Minsheng Bank, collectively “officially announced” a reduction in deposit interest rates. In addition to the previous Ping An Bank and China Merchants Bank, up to now, nearly 10 stock banks have lowered deposit interest rates. Industry insiders believe that a number of joint stock banks have followed up on lowering interest rates on deposits, which is in line with policy guidelines and their own needs to stabilize interest spreads. Next, various banks such as urban commercial banks and agricultural commercial banks will fully follow up. It is expected that this round of bank deposit interest rate cuts can basically offset the negative impact of interest rate cuts on various types of loans on net interest spreads, but in the long run, banks still need to better stabilize the deposit base and optimize debt-side management.

Zhitongcaijing · 10/21 14:41
After the six major state-owned banks took the lead in lowering deposit interest rates, on October 21, a number of stock banks, including Industrial Bank, China CITIC Bank, Pudong Bank, and Minsheng Bank, collectively “officially announced” a reduction in deposit interest rates. In addition to the previous Ping An Bank and China Merchants Bank, up to now, nearly 10 stock banks have lowered deposit interest rates. Industry insiders believe that a number of joint stock banks have followed up on lowering interest rates on deposits, which is in line with policy guidelines and their own needs to stabilize interest spreads. Next, various banks such as urban commercial banks and agricultural commercial banks will fully follow up. It is expected that this round of bank deposit interest rate cuts can basically offset the negative impact of interest rate cuts on various types of loans on net interest spreads, but in the long run, banks still need to better stabilize the deposit base and optimize debt-side management.