Some of China’s largest banks are offering a lower interest rate on long-term deposits compared with short-term as a dearth of quality lending opportunities points to a sustained slowdown in the engine of global economic growth.
China’s top four state lenders, led by the Industrial and Commercial Bank of China, in June started setting the interest rate for three-year deposits up to 40 basis points higher than those for five-year deposits. Several other national lenders, including China Merchants Bank, have put the rates at the same level.
Savers normally get more interest the longer they tie up their money. An inverted yield curve is a closely watched signal of recession risk in Treasury markets.
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