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China rate cut in focus after big banks pave way

Speculation of easing grows as economic recover fades

Industrial and Commercial Bank of China and other major Chinese state-owned lenders lowered interest rates on deposits on June 8, the first simultaneous move since September.   © Reuters

BEIJING -- Major Chinese state-owned lenders decided Thursday to reduce interest on deposits across the board, a move widely seen as a harbinger of a policy rate cut by the country's central bank.

The decision came after a series of regional and smaller banks lowered their deposit rates in April. The last time major state-run banks slashed deposit rates simultaneously was in September 2022.

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