- Some of China’s biggest state-run banks have cut deposit rates for the first time since 2015, as Beijing searches for ways to boost flagging growth in the world’s second-largest economy without risking runaway depreciation of the renminbi, reports Nikkei Asia.
- The lenders also reduced rates for three-year certificates of deposit by 0.1% to 1.45%.
- The measures mark the latest attempt to revive economic growth in China, where policymakers are struggling to contain the fallout from disruptive COVID-19 lockdowns and a liquidity crisis cascading through the property sector.
China state banks cut deposit rates
