Some banks raised their deposit rates.

A customer manager at a branch of Hangzhou Bank in Dongcheng District, Beijing, said, "Our bank has increased deposit rates. The 3-year fixed deposit rate for new funds starting at 200,000 RMB is 1.9%, while the rate for non-new funds starting at 200,000 RMB is 1.8%. The 3-year fixed deposit rate starting at 50,000 RMB is 1.75%, the 2-year fixed deposit rate starting at 50,000 RMB is 1.6%, and the 1-year fixed deposit rate starting at 50,000 RMB is 1.5%." The 3-year fixed deposit rate for new funds starting at 200,000 RMB has increased by 10 basis points compared to before, and will be implemented starting from December. According to research by reporters, similar to Hangzhou Bank, Ningbo Bank and others have recently increased the rates of some deposit products. Industry insiders believe that the increase in deposit rates by some banks is a temporary measure to attract deposits.