The six major state-owned banks have announced an official reduction in deposit interest rates

The six major state-owned banks - Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank, Postal Savings Bank of China, and Bank of Communications - have all announced today the reduction of RMB deposit interest rates for multiple maturities, including a 25 basis point reduction for three-year and five-year maturities to 1.25% and 1.3%, respectively.