BEIJING (Reuters) -China Construction Bank cut deposit rates on Tuesday, part of an expected move by Chinese state-owned banks to alleviate shrinking interest margins at lenders as Beijing rolls out sweeping monetary easing measures to aid the broad economy. The bank reduced deposit rates by 5-25 basis points for some tenors, according to rates shown on its mobile app.
Reuters reported on Monday that China’s major state banks plan to cut their deposit rates from Tuesday, citing sources.
(Reporting by Liz Lee and Shanghai newsroom; Editing by Tom Hogue)
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