Some Chinese state banks, such as Bank of China and Bank of Communications, will cut deposit rate ceilings on Monday, joining smaller lenders, sources told Reuters.
Register now for FREE unlimited access to Reuters.comBank of China and Bank of Communications were not immediately reachable for comment outside working hours.
Beijing has repeatedly urged banks to reduce borrowing costs for smaller companies in an economy hit by COVID-19 outbreaks, fallout from the Ukraine crisis, and capital outflows triggered by U.S. monetary tightening. "One major reason banks are reluctant to cut loan rates now, is that the move would hurt their margins."
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