7 joint stock commercial banks followed suit in lowering the Renminbi deposit interest rates.

After several banks such as Bank of China, Industrial and Commercial Bank, Construction Bank, and China Merchants Bank announced a reduction in RMB deposit rates on May 20, on May 21, seven banks including Ping An Bank, CITIC Bank, Industrial Bank, Shanghai Pudong Development Bank, Minsheng Bank, Guangfa Bank, and Huaxia Bank followed suit and lowered deposit rates by 15 basis points for 1-year and 2-year fixed-term deposits.