Last week we had state-owned commercial banks cutting rates:
The state banks are:
- Industrial & Commercial Bank of China (ICBC), China Construction Bank (CCB), Bank of China (BoC), Bank of Communications (BoCom), and the Agricultural Bank of China (ABC)
- policymaking banks include the Agricultural Development Bank of China (ADBC), the China Development Bank (CDB), and the Export-Import Bank of China
Non-state banks cut rates today. Joint-stock commercial banks cut deposit rates today.
Banks including China Merchants Bank, China Citic Bank and China Minsheng Banking Corp
- cut rates on demand deposits by 5 basis points to 0.2%
- cut rates on two-year time deposits by 10 bp
- cut three-year and five-year time deposits by 15 bp
Later this week we have rate setting from the PBOC, a cut is looking likely:
- Nomura cites a "strong signal" for a cut to MLF rate this week and the LPR next week
- China state-controlled financial media says PBOC may cut MLF rate by 5 to 10 bp this week
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