China set to cut rates on over $5 tn of mortgages this month

Some banks are making final preparations to get ready for the upcoming adjustments on mortgage rates, said the people, asking not to be identified discussing a private matter. Some homeowners may enjoy up to 50 basis points of immediate rate reduction, one of the people said. The timeline has yet to be finalised and could still change, said the people. The People's Bank of China and the National Financial Regulatory Administration didn't respond to requests for comment.