Multiple banks have lowered their deposit interest rates, maintaining efforts to stabilize the interest rate spread.

"The 3-year term deposit interest rate of my bank has been reduced from 1.85% to 1.75%," said the financial manager of a branch of Jiangsu Bank in Xicheng District, Beijing on August 21. It is understood that recently, many banks have announced a reduction in deposit interest rates, with some term varieties being reduced by 20 basis points. Against the background of overall decline in loan interest rates and continuous narrowing of industry net interest margins, reducing deposit interest rates has become an important means for banks to alleviate pressure on the liability side.