What’s new: Several of China’s small and midsize banks have cut interest rates on five-year time deposits to protect their profit margins as expectations grow for a continued decline in lending rates.
Meizhou Hakka County Bank Co. Ltd. in Guangdong province, for example, on March 1 cut its rate on five-year time deposits to 2.5% from 2.7%, according to announcements on the bank’s website.
