On July 25, ICBC, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications all announced today that they had lowered deposit interest rates. ICBC lowered the one-year, two-year, three-year and five-year RMB fixed deposit rates to 1.35%, 1.45%, 1.75%, and 1.8%(previously 1.45%, 1.65%, 1.95%, and 2.00% respectively). Agricultural Bank of China will cut the three-month, semi-annual and one-year interest rates for regular lump sum deposits and withdrawals by 10 basis points to 1.05%, 1.25%, and 1.35% respectively. Bank of China lowered current demand by 0.05 percentage points; one-year and below lump-sum deposits and withdrawals by 0.1 percentage points; two-year and above reduced by 0.2 percentage points; interest rates for each term of zero deposit and withdrawals, lump deposit and withdrawal, and deposit and principal interest withdrawal were lowered by 0.1 percentage points. China Construction Bank's demand deposit interest rate was lowered from 0.2% to 0.15%, and the listing interest rate for 3-month, 6-month, and one-year time deposits was lowered by 0.1 percentage points to 1.05%, 1.25% and 1.35%. Bank of Communications announced a 10-20 basis points cut in the RMB time deposit interest rate, and lowered the listing interest rates for 3-month, 6-month, and one-year time deposits to 1.05%, 1.25% and 1.35%.
