China's Mega Banks Trim Deposit Rates as Stimulus Hits Profits

4
Comment
Favorite

China's Mega Banks Trim Deposit Rates as Stimulus Hits Profits

Bloomberg10-18

Latest deposit rate cut is the second time this yearChina banks’ net interest margins hit record low at end-JuneChina’s largest state-owned lenders have cut their deposit rates on Friday, their second...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

No comments yet

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1158406475?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-10-18 09:14","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1158406475","market":"us","top_or_hot":-1,"title":"China's Mega Banks Trim Deposit Rates as Stimulus Hits Profits","media":"Bloomberg","content":"<div>\n<p>Latest deposit rate cut is the second time this yearChina banks’ net interest margins hit record low at end-JuneChina’s largest state-owned lenders have cut their deposit rates on Friday, their second...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-10-18/china-s-mega-banks-trim-deposit-rates-as-stimulus-hits-profits?srnd=homepage-asia\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Mega Banks Trim Deposit Rates as Stimulus Hits Profits</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Mega Banks Trim Deposit Rates as Stimulus Hits Profits\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-18 09:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2024-10-18/china-s-mega-banks-trim-deposit-rates-as-stimulus-hits-profits?srnd=homepage-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Latest deposit rate cut is the second time this yearChina banks’ net interest margins hit record low at end-JuneChina’s largest state-owned lenders have cut their deposit rates on Friday, their second...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-10-18/china-s-mega-banks-trim-deposit-rates-as-stimulus-hits-profits?srnd=homepage-asia\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"000001.SH","symbol_name":"上证指数","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2024-10-18/china-s-mega-banks-trim-deposit-rates-as-stimulus-hits-profits?srnd=homepage-asia","article_id":"1158406475","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1158406475","pubTimestamp":1729214070,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Latest deposit rate cut is the second time this yearChina banks’ net interest margins hit record low at end-JuneChina’s largest state-owned lenders have cut their deposit rates on Friday, their second","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"000001.SH":"上证指数","HSI":"恒生指数","HSTECH":"恒生科技指数"},"translate_title":"由于刺激措施影响利润，中国大型银行下调存款利率","themeId":"e38bccdea6d64c0e852d91167eab8472","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"000001.SH":1.1,"HSI":1.1,"HSTECH":1.1},"content_text":"Latest deposit rate cut is the second time this yearChina banks’ net interest margins hit record low at end-JuneChina’s largest state-owned lenders have cut their deposit rates on Friday, their second reduction this year as they rushed to salvage record low margins amid weakened profitability.Major banks including Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. trimmed the interest offered on one-year, two-year, three-year and five-year time deposits by 25 basis points, according to levels shown on their respective apps.Bloomberg News reported Tuesday that Chinese banks could reduce rates on 300 trillion yuan ($42.1 trillion) of deposits as soon as this week as the government’s stimulus measures further squeeze profits. The lenders last lowered the rates in July.China last month unveiled its biggest package yet to shore up its sputtering economy, slashing policy rates as well as borrowing costs on $5.3 trillion in outstanding mortgages. The central bank also delivered the biggest-ever cut on the interest rate charged on its one-year policy loans and Governor Pan Gongsheng had said a reduction in deposit rates would follow.Chinese banks embarked on their deposit rate cut cycle in late 2022 with a broad-based reduction, the first since 2015, after authorities urged them to boost lending. They lowered deposit rates three more times last year.Despite the cuts, the industry’s net interest margins have been falling and hit a record low of 1.54% at the end of June, well below the 1.8% threshold deemed necessary to maintain reasonable profitability.Combined profits at the banking sector grew just 0.4% in the first half of this year, the slowest pace since 2020.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}