Five of China's major state banks cut deposit rates
The banks cut interest rates on time deposits by 5 bps to 0.05 per cent, and reduced rates on one-year time deposits by 15 bps to 0.95 per cent and shaved off 25 bps on three-year and five year time deposits.
These deposit rate reductions should guide smaller lenders in making similar cuts.
Reuters reported on Monday that China's major state banks plan to cut their deposit rates from Tuesday, citing sources.
Chinese authorities announced a raft of stimulus measures earlier this month, including interest rate cuts and a major liquidity injection, as Beijing steps up efforts to soften the economic damage caused by the trade war with the United States.
China is due to release its monthly fixing of the Loan Prime Rate, a benchmark for most corporate and household loans, 0100 GMT.
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