China's big banks to cut existing mortgage rates Oct 25
Tweet
Share
E-mail
FILE PHOTO: Residential buildings are pictured in Shanghai, China September 29, 2024. REUTERS/Tingshu Wang/File Photo
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.
The lenders, including China Construction Bank Corp and Bank of China, said in statements they would cut the rates to as low as 30 basis points below the benchmark Loan Prime Rate.
The actions are in line with a central bank order late last month aimed at easing homeowners' mortgage burden to boost the property market and weak domestic demand.
(Reporting by Beijing Newsroom; Editing by William Mallard)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Trump tells Ukraine's Zelenskiy to stop hitting Russian diesel
- Israeli strike kills two people in Gaza, medics say
- Carney pushes idea of making Canada 'associate member' of EU, WSJ reports
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
