China banks to cut rates on mortgages, deposits in stimulus push

China Construction Bank is one of the banks poised to cut deposit rates later this week, sources say. (Image: China Construction Bank)

Bloomberg

Wed, 30 Aug 2023

By Bloomberg NewsChina’s largest banks are preparing to cut interest rates on existing mortgages and deposits, the latest state-directed measures to shore up growth in the world’s second-largest economy.An announcement that big state-owned lenders are reducing rates on the majority of the nation’s 38.6 trillion yuan (NZ$8.87t of outstanding mortgages may come as soon as Tuesday, according to people familiar with the matter. The reductions will only affect loans on first homes, two of the people said.Lenders such as Industrial...

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