Announcement of Chinese mortgage rate cuts likely today

An announcement that China’s largest banks would cut interest rates on existing mortgages and deposits was expected on Tuesday but it didn’t come.

It still looks likely though. The announcement could come on Wednesday instead.

Big state-owned lenders are expected to reduce rates on the majority of the nation’s 38.6 trillion yuan ($5.3 trillion) of outstanding mortgages.

News wires carried the report citing unnamed sources.

  • reductions will only affect loans on first homes said two sources

This article was written by Eamonn Sheridan at Source