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BEIJING (Reuters) – Several small and mid-sized banks in China have lowered deposit rates, The move could help ease costs as loan growth comes under greater pressure amid rising economic risks.
Rural commercial banks and credit unions in Hubei and Henan provinces cut a series of deposit rates over the weekend, and some regional banks in the southern province of Guangdong last week. Banks have also cut interest rates, lenders’ statements show.
Henan Luoshan Rural Commercial Bank lowered the one-year deposit rate on Saturday basis points (bps) to 1.9%, after Basis point for 2-year deposits is 2.4% and determined by The three-year deposit base point is 2. %, according to a statement.
Nicholas Zhu, Moody’s Banking Analyst (NYSE: 85MCO