ICYMI – China’s Industrial Bank cuts yuan deposit rates

Thursday evening news from China:

China’s Industrial Bank says it’ll cut its yuan deposit rates by 10-25 basis points, effective from Friday, 1 September 2023.

• one-year deposit rate will be cut by 10 bps to 1.75%
• two-year deposit rate will be cut by 20 bps to 2.00%
• three- and five-year rates will be cut by 25 bps points to 2.25% and 2.30%, respectively

Industrial Bank is a medium-sized bank in China.