China Deposit Interest Rate

Five of China's largest banks, including the Industrial and Commercial Bank of China, the world's biggest bank by asset, have cut deposit rates for the first time since 2015, a move designed to ease pressure on their margins and boost lending to shore up domestic growth. Such a move followed an interest rate cut from the People Bank of China in August, with policymakers scrambling to revive an economy battered by President Xi's zero-Covid policy and a deepening property market crisis. Economists expect the world's second-largest economy to grow by 3.5% in 2022, compared with the government's forecast of 5.5%.