Chinanews Client, August 25th. On August 25th, Liu Guoqiang, vice governor of the People’s Bank of China, said in a regular policy briefing by the State Council that the LPR reform has pushed loan interest rates down significantly. In order to match asset returns, banks will reduce them appropriately. The cost of debt, which is to reduce the deposit interest rate. Recently, bank deposit rates of various maturities have fallen. In July 2020, the weighted average interest rates of three-year and five-year deposits were 3.68% and 3.72%, respectively, down 4 and 34 basis points from the end of the previous year. In July 2020, the weighted average interest rates for large-denomination certificates of deposits of state-owned major banks and joint-stock banks were 2.49% and 2.72%, respectively, a decrease of 45 and 33 basis points from the end of the previous year.
Deputy Governor of the Central Bank: The recent decline in bank deposit rates
2020-08-25T06:34:28.320Z
Chinanews Client, August 25th. On August 25th, Liu Guoqiang, vice governor of the People’s Bank of China, said in a regular policy briefing by the State Council that the LPR reform has pushed loan interest rates down significantly. In order to match asset returns, banks will reduce them appropriately. The cost of debt, which is to reduce the deposit interest rate. Recently, bank deposit rates of...
Source: chinanews