Following state-owned and commercial banks, Bank of Changsha and Chongqing Rural Commercial Bank have also followed suit in cutting deposit rates. On October 22, Bank of Changsha and Chongqing Rural Commercial Bank both lowered their deposit rates, with current deposit rates reduced by 5 basis points to 0.1%, while rates for deposit terms ranging from 3 months to 5 years were all cut by 25 basis points. (Securities Times)