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China's state banks slash deposit rates for first time since 2015

Moves follow central bank's August cuts to boost world's 2nd biggest economy

Industrial and Commercial Bank of China is one of the state banks to follow the central bank in cutting rates.    © Reuters

HONG KONG (Financial Times) -- Some of China's biggest state-run banks have cut deposit rates for the first time since 2015, as Beijing searches for ways to boost flagging growth in the world's second-largest economy without risking runaway depreciation of the renminbi.

State lenders including Industrial and Commercial Bank of China, Bank of China, Bank of Communications and Agricultural Bank of China cut interest rates for three-year deposits by 0.15 percentage points on Thursday to 2.6 per cent, according to the banks. The lenders also reduced rates for three-year certificates of deposit by 0.1 percentage points to 1.45 per cent.

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