Rumors that some Zhejiang banks lowered deposit rates sparked sizable bond-market moves. Multiple sources confirmed the change is a regional self-discipline adjustment: Zhejiang’s deposit-rate mechanism cut the self‑regulated caps on two-, three- and five‑year deposits by 5bps, effective July 22, applied only to city commercial banks and rural commercial banks in Zhejiang. The move does not cover state-owned big banks or national joint-stock banks and, according to local banking officials and ec

Rumors that some Zhejiang banks lowered deposit rates sparked sizable bond-market moves. Multiple sources confirmed the change is a regional self-discipline adjustment: Zhejiang’s deposit-rate mechanism cut the self‑regulated caps on two-, three- and five‑year deposits by 5bps, effective July 22, applied only to city commercial banks and rural commercial banks in Zhejiang. The move does not cover state-owned big banks or national joint-stock banks and, according to local banking officials and economists, is not a signal of a broader monetary policy rate cut.