China's commercial banks are offering attractive interest rates on consumer loans to boost lending ahead of the Lunar New Year, YiCai Global reported Thursday.
China Minsheng Bank (HKG:1988, SHA:600016) and Bank of Beijing (SHA:601169) have dropped their preferential interest rates to 2.76% for loans of up to 300,000 yuan and 1 million yuan, respectively, for VIP clients and mortgage holders, according to the report.
Industry insiders said the pre-holiday period is a peak time for consumer loans as banks move to enhance customer loyalty and expand lending volumes early in the year, YiCai Global wrote.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)