Banking
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Forbes Names Washington Trust Rhode Island’s Best-In-State Bank for Seventh Consecutive Year
Washington Trust has been named Rhode Island’s Best-In-State Bank for 2025 by Forbes, marking its seventh consecutive year on the list and third straight year in the top spot. This recognition reflects the bank’s commitment to customer satisfaction, trust, and innovative services, solidifying its leadership in the Rhode Island banking sector.
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Major Chinese Banks Launch First Deposit Rate Cut of the Year: Will Savers Finally Opt to Spend?
Major Chinese banks ICBC, CCB, and CMB implemented their first 2025 deposit rate cuts, reducing short-term rates (e.g., 3-month to 0.65%, 1-year to 0.95%) and steepening the yield curve inversion with 5-year rates dropping to 1.30%. The coordinated cuts, shrinking 3-year and 5-year deposit returns by 25-32%, reflect deliberate financial repression to dismantle China’s savings culture. While aiming to spur consumption through eroded real returns, analysts question whether decades-old thrift habits can be overturned amid tightened alternative investment options.
