Chinese Banks To Lower Rates On Existing Mortgages This Month [Barron's]
INDUSTRIAL & COM UNSP/ADR (IDCBY)
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Source: Barrons
The move comes as Finance Minister Lan Fo'an is expected to announce further fiscal stimulus at a highly anticipated press conference in Beijing on Saturday. Chinese policymakers have unveiled a string of stimulus measures in recent weeks aimed at boosting an economy blighted by a years-long property sector crisis and chronically low consumption. The measures have included a suite of rate cuts and a loosening of rules on buying homes, but economists have said that more action is needed to pull the economy out of its slump for good. "Except for second mortgages in Beijing, Shanghai, Shenzhen and some other regions, the interest rates on other eligible mortgages will be adjusted" to no less than 30 basis points below the prime lending rate, the central bank's benchmark rate for mortgages, state broadcaster CCTV said. CCTV reported that major banks including the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank had an
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