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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%.