Savers may initially be shielded from the full impact of those reductions, because commercial Banks are competing for retail deposits.

起先储户们还不会因为降息收到很大的影响，因为商业银行在小额存款也互相竞争。

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Separately, Georges Plassat, the chief executive of French retail group Carrefour, has suggested further reductions in expenses as the group reported a narrowing in half-year losses.

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Savers may initially be shielded from the full impact of those reductions, because commercial banks are competing for retail deposits.

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