A TOTAL of 10 Chinese commercial banks simultaneously cut deposit interest rates on Monday, following the Chinese central bank's interest rate cuts announced on July 22. Analysts said the banks' move will lower their funding costs while boosting the flow of funds into the capital market, injecting vitality and consolidating the economic recovery's momentum.

China Citic Bank cut its demand deposit rate by 5 basis points (bps) to 0.15 percent and the one-year deposit rate by 10 bps to 1.2 percent. Rates on deposits of two years or more were cut by 20 bps, with the five-year deposit rate at 1.7 percent, according to a statement published on the bank's website.