Banks in top Chinese cities lower mortgage rate after policy rate cut this week

Banks in several top cities in China, including Beijing, Shanghai, Guangzhou and Shenzhen, have lowered their home mortgage rates after the country cut its five-year Loan Prime Rate (LPR) for the first time since April 2020 to boost economic growth.

On Thursday, China lowered the five-year LPR by 5 basis points to 4.6%, the first cut of the rate in 21 months. Many banks in China base their mortgage rates on the . . .

 

 

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