Some Chinese banks will cut their deposit rate ceiling (& PBOC's lower RRR kicks in today)

Info via Reuters:

• Some Chinese state banks, such as Bank of China and Bank of Communications, will cut deposit rate ceilings on Monday, joining smaller lenders, sources told Reuters.
• The planned cuts come a week after regulators encouraged smaller banks to lower the ceiling for their deposit rates. The moves will also coincide with China's reduction in banks' reserve requirements, effective on Monday.

At the margin lower RRR & rates in China will be supportive.