BEIJING, July 25 -- China's major state-owned commercial banks announced Thursday reductions in deposit interest rates.

The one-year fixed-term deposit interest rate was cut by 10 basis points to 1.35 percent, according to the official deposit interest rates released by the country's "big four" commercial banks, namely the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank.

This was the first deposit interest rate cut for state-owned big banks in 2024, with previous cuts implemented in June, September and December last year.