After the removal of the deposit rate ceiling last Friday, there are no races among commercial banks to raise interest rates to scramble for savers.
During Beijing International Finance Expo opened on Thursday, commercial banks seldom show their deposit rate lists. Staffs from banks said that although deposit was still important to them, it has not been main business promoting point. According to statistics of 28 commercial banks, only one bank increased deposit rate, while 17 cut deposit rate.
Meanwhile banks begin to focus on emerging business like residential finance, internet finance and technology finance. Analyst said that with the removal of the deposit rate ceiling the competence among small and medium size banks would be fierce, and their deposit rates were likely to be higher than average level.
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