China’s state banks are cutting deposit rates to bolster the weak economy

Some of China’s biggest banks cut interest rates on a range of deposit products, responding to the government’s call for help to boost growth in the world’s second-largest economy.

Industrial & Commercial Bank of China Ltd., Agricultural Bank of China Ltd., Bank of China Ltd., Bank of Communications Co. and China Construction Bank Corp. cut interest on three-year and five-year deposits by 1[ads1]5 basis points respectively, and annualized interest on demand deposits by 5 basis points, according to their websites. The changes, which come into effect on Thursday, will also see two-year deposit rates fall by 10 basis points.