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Multiple CN Banks Cut Large-Denomination Certificate of Deposit Rates to 1% Range: Report
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A new round of deposit interest rate cuts was implemented in Mainland China yesterday (20th), with several banks, including the six major state-owned banks, reducing interest rates on demand deposits, fixed deposits, and call deposits, among other products. As the trend of interest rate cuts on deposits lingers, large-denomination certificate of deposit products, once deemed a powerful tool for capturing deposits, are gradually falling out of favor, China's Financial News broke. Several banks have recently lowered the interest rates on fixed deposits while trimming the rates on large-denomination certificate of deposit products. At present, the interest rates of these products are about to touch the 1% range. AASTOCKS Financial News Website: www.aastocks.com |
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