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. China's central bank does not set bank rates directly but guides them through the market-based mechanism, which comprises banks big and small.

https://business.inquirer.net/397394/china-guides-banks-to-further-cut-deposit-rates-sources

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