Three of China’s four biggest banks have raised interest rates on deposits in recent days, potentially blunting the impact of the central bank’s recent cut in benchmark rates, which authorities hoped would spur the economy by reducing borrowing costs.
At the same time as last month’s cut in benchmark rates, the People’s Bank of China doubled lenders’ freedom to offer deposits above the benchmark.
Initially, most banks lowered retail deposit rates in line with the benchmark, with only a few small banks taking advantage of the higher ceiling. In recent days, however, big lenders have yielded to competitive pressure and raised rates to avoid deposit outflows.
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