China nudged banks this month to cut deposit interest rates further, seven people with knowledge of the matter said, in the latest effort to channel the country's vast savings pool into spending and more productive investments.
Members of China's "interest rate self-regulatory mechanism," mostly banks, met this month and were urged to reduce deposit rates, according to two attendees and two other bank sources who were closely briefed on the meeting.
Activity in the world's second-largest economy has gained momentum since the lifting of stringent zero-COVID policy in December, but investors remain cautious as businesses grapple with debt risks, structural woes and a slowing global economy. Money is being injected into the banking system, but "what's the point if people save every cent they get, instead of spending, or investing?" he said.
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