On May 20, the Industrial and Commercial Bank of China lowered the RMB deposit interest rates, with the demand deposit rate reduced by 5 basis points to 0.05%; the fixed deposit rates for three months, six months, one year, and two years were all lowered by 15 basis points, to 0.65%, 0.85%, 0.95%, and 1.05%, respectively; the three-year and five-year rates were both reduced by 25 basis points, to 1.25% and 1.3%, respectively. The three types of fixed-term deposits with zero withdrawals, full deposits with zero withdrawals, and interest-bearing deposits all fell by 15 basis points. The 7-day notice deposit rate was lowered by 15 basis points to 0.3%.