Chinese central bank unveils economic stimulus package [Yahoo! Finance]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Yahoo! Finance
Sept. 24 (UPI) -- People's Bank of China Gov. Pan Gongsheng announced the imminent half-percentage point cut in the so-called hold reserve requirement ratio for banks to 6.5% at a news conference in Beijing. Reducing the RRR -- the ratio of liquid assets to total customer deposits a bank must hold in reserve -- would release about $141.8 billion in long-term liquidity to the financial markets, according to Pan who added that another cut may be in the cards before the end of the year. The bank also intervened to support the country's troubled property sector, lowering by an average half percentage point rates on existing home loans to bring them in line with new mortgages. "The new policy, which is conducive to further reducing borrowers' mortgage interest expenses, is expected to benefit 50 million households, or a population of 150 million," said Pan. The move would save households $21.3 billion a year in interest which, together with reducing the minimum down payment for
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