More commercial banks are offering the highest rates legally allowed for medium- and long-term yuan deposits as competitive and liquidity pressures intensify.

The banks are offering 10 percent more than the benchmark interest rates, which is the upper limit under current rules.

Analysts said that more banks are likely to follow suit as China pursues interest-rate liberalization. However, they said, abolishing the ceiling on deposit rates may be a longer, more complex process than the recent removal of lending rate floors.