China cutting mortgage rates by end-October as cities ease home-buying curbs
Beijing — China's central bank said Sunday it would tell banks to lower mortgage rates for existing home loans before Oct. 31, as part of sweeping policies to support the country's beleaguered property market as the economy slows. Commercial banks should, in batches, reduce interest rates on existing mortgages to no less than 30 basis points (bps) below the Loan Prime Rate (LPR), the central bank's benchmark rate for mortgages, according to a statement released by the People's Bank of China (PBOC). Читать дальше...