BEIJING, Oct. 18 -- China's major state-owned commercial banks announced Friday reductions in deposit interest rates.

The one-year fixed-term deposit interest rate was cut by 25 basis points to 1.1 percent, according to the official deposit interest rates released by Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications.

After the reductions, the deposit interest rates with terms of 2, 3 and 5 years are 1.2 percent, 1.5 percent and 1.55 percent, respectively.

This was the second deposit interest rate cut for state-owned big banks in 2024, with previous cut implemented in July.

China's central bank announced a raft of monetary stimulus at a press conference last month, calling for efforts to create a sound monetary and financial environment for stable economic growth and high-quality development.