Major Chinese banks cut deposit rates as efforts to prop the economy grow

Five of China’s biggest banks on Friday cut interest rates on a range of deposits in a coordinated effort to ease pressure on their shrinking margins as lenders move to lower mortgage rates to prop up a struggling property sector and a faltering economy.

The banks, including Industrial and Commercial Bank of China (601398.SS), , China Construction Bank Corp (601939.SS) and Agricultural Bank of China (601288.SS) on Friday cut their deposit rates by between five and 25 basis points, websites from each bank showed.