Chinese Banks Raise Deposit Rates as Five-Year Products Hit 2.1%

TREE NEWS update: A group of small and mid-sized Chinese banks have raised deposit rates, with some city commercial banks, rural commercial banks and private banks offering up to 2.1% annual interest on five-year fixed deposits. The adjustments come as net interest margins across the industry remain at historic lows, producing targeted rate hikes on medium- and long-term products in certain regions.