Major Chinese banks cut deposit rates after reduction in lending rates

Bank Rate Cuts: Five major state-owned banks in China have announced cuts to deposit rates by 5 to 20 basis points, following a recent reduction in benchmark lending rates aimed at stimulating economic growth.

Economic Impact: The rate cuts are intended to lower funding costs for banks and encourage consumer spending amidst challenges such as weak loan demand and a property crisis, despite potentially impacting lenders' profit margins.