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PBOC requires new home mortgage rate based on new LPR

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The People's Bank of China (PBOC) issued detailed rules on interest rates on mortgage loans, in a followup to its reform to switch to a market-based reference rate for pricing new bank loans.

Starting from October 8, commercial banks will set individual housing loans based on the new loan prime rate (LPR), which was 4.85 per cent in August, said the central bank in statement released on Sunday.

The interest rate on individual mortgage loans for first . . .

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