Large Chinese banks reportedly to cut deposit rates on Friday

<p>The rates for 1-year or less tenure will be reduced by 10 bps to 1.45%. Meanwhile, 2-year rates will be cut by 20 bps to 1.65%, 3-year rates cut by 25 bps to 1.95%, and 5-year rates cut by 25 bps to 2.00%. All of this is to ease pressure on bank profits as an effort for lenders to lower mortgage rates and bolster the property sector.</p>

This article was written by Justin Low at www.forexlive.com.