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China’s 5 major state-owned banks lower deposit benchmark interest rates and dollar deposits rates
Published on: 2023-06-08
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China’s 5 major state-owned banks lower deposit benchmark interest rates, with a 15 bps reduction in the 3-year term interest rate.
 

Major Chinese state-owned banks lowered the caps on US dollar deposit rates this week, a market-oriented move in response to ample dollar deposits at Chinese banks and an anticipated end to US interest rate hikes, experts said.
 

They refute claims by some foreign media that the Chinese government had intervened in the exchange rate.
 

A manager at a Bank of China branch in Shanghai said that the one-year dollar deposit rate dropped from 5 percent to 4.3 percent starting from Monday for deposits above $50,000 and 2.8 percent for those under $50,000.
 

"The fluctuation of bank interest rates is normal and relatively frequent," the manager told the Global Times.
 

She expected that the deposit rate would be kept steady for some time but will follow a downward trend in the longer term, attributing the rate cut to a number of market variables such as volatile global interest rates and rising dollar deposits at the banks.
 

A manager of an Industrial and Commercial Bank of China (ICBC) branch in downtown Beijing confirmed to the Global Times that dollar deposit rates had been cut significantly, amid expectations of no more US interest rate hikes in the coming months.
 

For a deposit of $30,000, the rate was 4.8 percent on Sunday but only 2.8 percent on Monday.
 

In addition to the dollar deposits, a number of Chinese lenders also moved to reduce rates on yuan deposits.
 

多家国有大行下调存款利率 人民币存款降息 美元存款利率走低


6月7日上午,中国银行北京某支行工作人员表示:“昨天夜里刚调的,5000至5万美元(不含)利率是2.8%,5万美元以上利率是4.3%,一年期、两年期都一样。”


工商银行零售业务人员告诉记者:“美元存款利率确实降了,目前‘汇鑫存’产品5万以上起购,一年、两年都是4.3%,只能在柜台购买。”

建设银行相关工作人员表示,目前还是分段利率,5000至5万美元(不含),1年期是2.8%,两年期是2.1%;5万美元以上,一年期4.3%,两年期2.9%。


6月5日开始,多家银行陆续调整美元存款利率和计息方式。农业银行北京西城区某支行客户经理告诉记者:“此前,美元定存利率是基于Libor测算的,每天都有一个报价,利率浮动较大,最高的时候能达到5.5%左右;现在转变为以挂牌利率为基础结合加点上浮的模式,5000至5万美元(不含)上浮200个基点,5万美元以上上浮350个基点,相对比较稳定。”

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