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Multiple CN Banks Cut Large-Denomination Certificate of Deposit Rates to 1% Range: Report
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...
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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.

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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.

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