BEIJING, June 8 |
BEIJING, June 8 (Reuters) - China's top five banks said on Friday they have raised deposit rates to 3.5 percent, above the benchmark level, less than a day after China took a step towards liberalising its interest rate market.
The websites of all five banks showed they were offering 3.5 percent deposit rates, higher than the benchmark 3.25 percent level.
Under China's new banking rules that came into effect on Friday, banks can offer deposit rates of up to 110 percent of benchmark rates.
The five banks are Industrial and Commercial Bank of China , China Construction Bank, Bank of China , Agricultural Bank of China and Bank of Communications . (Reporting by Beijing and Shanghai bureaux; Editing by Ken Wills)
