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Four of China’s biggest state-owned banks confirm mortgage rate cuts, beginning October 25

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.

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