Everbright Bank cuts rates on deposits

China Everbright Bank Co became the first listed lender to cut deposit rates from a maximum level allowed since November, a sign competition for savings may be easing as the central bank boosts liquidity and the economy falters.

Everbright Bank last week lowered its one-year deposit rate to 3.16 percent from 3.3 percent, the Beijing-based lender said in a statement.

The lender is, at least for the moment, retreating from the competition for deposits, which has intensified as money pours into Internet funds, investment products and stocks.