Four of the biggest state-owned banks in China confirmed over the weekend that cuts to existing mortgage rates will start on October 25.
We knew this was coming :
The People’s Bank of China said cut ‚em by no less than 30 basis points (bps) below the Loan Prime Rate (LPR). The current 5-year LPR, used as a reference for long-term credit including mortgages, is 3.85%. Thus mortgage rates will fall to 3.55%.
This article was written by Eamonn Sheridan at www.forexlive.com.