Chinese Banks Slash Yuan Deposit Rates Starting Monday

Several Chinese commercial banks, including China Merchants Bank, China Citic Bank, and China Minsheng Banking, have cut interest rates on yuan deposits to ease pressure on profit margins. This follows a similar move by China's biggest state lenders on Friday and marks the second such industry-wide cut within a year. Analysts expect the deposit rate cuts will provide more room for a further cut soon by the central bank in the reserve requirement ratio (RRR) to expand credit and boost investment spending.