China’s largest banks cut interest rates for savers on Thursday in a bid to boost growth in an economy where consumption has been slow to recover.
The country’s six state-owned commercial banks’ websites all showed updated yuan-denominated demand deposit interest rates of 0.2%, down from 0.25% last year, according to CNBC checks. Demand deposits allow withdrawals at any time.
Read More : Chinese Big Banks Reduce Deposit Rates, Signaling Potential Monetary Easing Measures