On February 15th, several city commercial banks including Hangzhou Bank, Nanjing Bank, and Jiangsu Bank have successively lowered their US dollar deposit interest rates. After the reduction, the interest rates have generally dropped from the previous “4” to “2” and “3”. On February 12th, a staff member of Nanjing Bank told reporters that Nanjing Bank will adjust the US dollar deposit interest rate from February 8th, with 3-month and 1-year terms reduced to 2.1% and 2.5% respectively, which is a “halving” of the previous interest rate. Lou Feipeng, a researcher at China Postal Savings Bank, told reporters that the Federal Reserve began cutting interest rates in September last year, lowering the federal funds target rate by 1 percentage point three times. The market has high expectations for the Fed’s subsequent interest rate cuts. Faced with the Fed’s interest rate cuts, banks have lowered their US dollar deposit rates to stabilize their debt costs. (Beike Finance)
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