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PBOC To Guide Commercial Banks to Commence One-off Tweak on Existing Mortgage Rate by End-Oct
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The People's Bank of China (PBOC) issued an announcement on refining the interest rate setting mechanism for commercial personal housing loans. In response to the question of how the interest rate on existing mortgages will be reduced, the PBOC stated that the market interest rate setting self-discipline mechanism will promulgate an initiative to guide commercial banks to commence a batch adjustment of the related rate prior to October 31. Commercial banks will issue relevant announcements and details of the batch adjustment, uniformly reducing the markup on the LPR basis for mortgage rates and providing borrowers with as much facilities as possible. AAStocks Financial News |
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