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3 Chinese banks raise interest rates, large state-owned banks stay put
中国三大银行提高利率 国有银行暂无变动
Many Chinese banks are competing to raise mid to long term interest rates to draw in more savings.
Everbright Bank and Bank of Beijing are raising their 2-year, 3-year and 5-year deposit rates by 10%, which is the upper limit for an interest rate hike. Ping An Bank, which already raised its 2-year deposit rate in August last year, also raised its 3-year and 5-year rates by 10%. However, all three banks have set minimum deposit amounts for people to enjoy the raised deposit rates.
Meanwhile China’s big state-owned big banks show no signs of adjusting their deposit rates. The 1-year deposit rate still stands at 3.25%, and the 5 -year rate is at 4.75%. China still has controls on savings rates but is phasing out limits on lending rates.
