Several major Chinese banks, including the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China, have announced a decrease in the benchmark interest rates for RMB deposits effective today, October 18.

The interest rate for demand deposits has been lowered by 5 basis points, bringing it down from 0.15% to 0.10%. Meanwhile, the rates for three-month, six-month, one-year, two-year, three-year, and five-year fixed deposits have been cut by 25 basis points. Following this adjustment, the one-year fixed deposit rate is now set at 1.1%.

This marks the second reduction in RMB deposit rates by major commercial banks this year.

(Reported by Wang Lei, CCTV News)
[Edited by Wang Qin]