Since March 1, China central bank cut the benchmark interest rate by 25 basis point, the one-year saving rate will drop to 2.5 percent. The central bank also decided to allow more flexibility for the interest rates. The ceiling for the floating range for the saving rate could be 1.3 times the benchmark rate, instead of the previous 1.2 times.
After the new benchmark implemented, banks in Shanghai updated their interest rates immediately. For easier having an overview of the saving rate of the 20 banks, we prepared the below interest rate table for your information.
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