ICBC cuts RMB deposit rate by up to 25 basis points

On May 20, the Industrial and Commercial Bank of China cut the RMB deposit interest rate on May 20, of which the demand interest rate was reduced by 5 basis points to 0.05%; the fixed deposit and take-up of three months, half-year, one-year and two-year periods were reduced by 15 basis points, respectively 0.65%, 0.85%, 0.95% and 1.05%; the three-year and five-year periods were reduced by 25 basis points, respectively to 1.25% and 1.3%. The three terms of regular zero deposit and take-up, whole deposit and take-up of deposit and interest were reduced by 15 basis points. The 7-day call deposit rate was cut by 15 basis points to 0.3%.