Thursday evening news from China:
China's Industrial Bank says it'll cut its yuan deposit rates by 10-25 basis points, effective from Friday, 1 September 2023.
- one-year deposit rate will be cut by 10 bps to 1.75%
- two-year deposit rate will be cut by 20 bps to 2.00%
- three- and five-year rates will be cut by 25 bps points to 2.25% and 2.30%, respectively
Industrial Bank is a medium-sized bank in China.
