Some major Chinese commercial banks have removed five-year, large-scale certificates of deposit that carry a high yield from their offerings, in an effort to cut costs and offset margin pressure.

Banks including Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China, (AgBank) now only offer shorter-term, large-scale CDs ranging from six months to three years, according to the banks' mobile applications.

The shorter-term deposit products carry interest rates around 1.2% to 1.8%, compared with the five-year, large-scale CDs that offer interest rates of about 2% to 2.1%.

ICBC and AgBank didn't immediately reply to a Reuters request for comment.

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