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China Asks Big Banks to Cut Deposit Rates Again to Boost Economy
Chinese authorities asked the nation’s biggest banks to lower their deposit rates for at least the second time in less than a year, according to people familiar with the matter, marking an escalated effort to boost the world’s second-largest economy. State-owned lenders including Bank of China Ltd., Industrial & Commercial Bank of China Ltd. and Bank of Communications Co. were last week advised to cut rates on a range of products, including on demand deposits by 5 basis points and three-year and five-year time deposits by at least 10 basis points, said the people, who asked not to be identified. The request was ... (full story)
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