China’s largest state-owned lenders have cut their deposit rates on Friday, their second reduction this year as they rushed to salvage record low margins amid weakened profitability.

Major Chinese banks have cut their deposit rates, a move that could help ease pressure on lenders’ profits.

BEIJING (Reuters) - Four of China's biggest state-owned banks announced cuts on Saturday to existing mortgage rates starting on Oct. 25, as the authorities ramp up efforts to stimulate the world's second-biggest economy.

In September, People's Bank of China Governor Pan Gongsheng said the central bank would further lower deposit rates by 20 to 25 bps. The cuts, if to be implemented, would be the second round of across-the-board cuts this year after July.