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

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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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