Some Chinese state banks will cut deposit rates on Monday

SOME Chinese state banks, such as Bank of China and Bank of Communications, will cut deposit rate ceilings on Monday (Apr 25), joining smaller lenders, sources told Reuters.

Bank of China will cut the rates for time deposits of 2-3 year tenors by roughly 10 basis points, according to 2 banking sources. Bank of Communications will make similar moves, said another source.

It was not immediately clear if other state banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and Agricultural Bank of China will also cut deposit rates, but the sources say state lenders typically move in tandem on rate moves.

Bank of China and Bank of Communications were not immediately reachable for comment outside working hours. REUTERS