China – PBOC lowered the interest rate of existing mortgage loans

An ICYMI in Xinhau on the People’s Bank of China:

  • interest rates on more than 22 trillion yuan (about 3.06 trillion U.S. dollars) of existing mortgage loans were lowered, with an average interest rate drop of 0.73 percentage points.
  • applies to over 50 million households
  • expected to reduce borrowers’ expenses by 160-170 billion yuan yearly, with an average annual reduction of 3,200 yuan per household

Xinhua is the mouthpiece of the Chinese Communist Party.

This is a little stimulus, at the margin.

This article was written by Eamonn Sheridan at Source