China banks move to halt sales of large time deposits

BEIJING -- Chinese commercial banks increasingly are suspending sales of large time deposits as they look to reduce costs amid a tougher business environment.

China Minsheng Bank, a private-sector lender, halted new sales of large-denomination certificates of deposit (CDs) early this month, local media report. These fixed-income savings accounts are held for six months or more and require a minimum deposit of 200,000 yuan ($27,695).