Five of China's major state banks cut deposit rates

BEIJING (Reuters) -Five of China's biggest state-owned banks cut deposit interest rates on Tuesday, part of an expected move to alleviate shrinking interest margins at lenders as Beijing rolls out sweeping monetary easing measures to aid the broad economy. Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and Bank of China reduced deposit rates by 5-25 basis points (bps) for some tenors, according to rates shown on the banks' mobile apps. The banks cut interest rates on time deposits by 5 bps to 0.05%, and reduced rates on one-year time deposits by 15 bps to 0.95% and shaved off 25 bps on three-year and five year time deposits.