Chinese Banks Step Up Summer Consumer Loan Promotions, With Rates as Low as 3%

Several banks in China are rolling out intensive summer promotions for consumer loans during the peak holiday spending season, with some products offering limited-time annualized interest rates as low as 3%, according to Jiemian News. The promotions also include incentives such as interest subsidies, WeChat instant discounts, and interest offset coupons, the report said.