PANews reported on May 20 that the six state-owned banks - Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Postal Savings Bank of China and Bank of Communications - have announced today that they will reduce the interest rates of RMB deposits of multiple maturities, with the three-year and five-year maturities both reduced by 25 basis points to 1.25% and 1.3% respectively.
The six state-owned banks have officially announced a reduction in deposit interest rates
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