China's small and medium-sized banks have intensively lowered deposit rates. Industry believes that this is a continuation of last year's reduction of deposit interest rates by major state-owned banks.

Zhou Maohua, a macro researcher at the Financial Markets Department of China Everbright Bank, says there is still room for banks to "cut interest rates" In recent years, banks have continued to benefit from the real economy, and some banks have increased pressure on their net interest margins, he says.