As Chinese banks battle for deposits amid sinking interest rates, one lender, briefly, took a novel approach to win business: It offered help in securing internships at some of the nation’s biggest companies as well as Wall Street banks for families who put in more than $1m.
The episode speaks to the challenges for Chinese banks to attract deposits amid sliding interest rates. It also reflects the dire job market, with youth unemployment hovering around 16% as businesses suffer from a weak domestic economy and rising China-US tensions.
