An ICYMI in Xinhau on the People’s Bank of China:
- interest rates on more than 22 trillion yuan (about 3.06 trillion U.S. dollars) of existing mortgage loans were lowered, with an average interest rate drop of 0.73 percentage points.
- applies to over 50 million households
- expected to reduce borrowers’ expenses by 160-170 billion yuan yearly, with an average annual reduction of 3,200 yuan per household
Xinhua is the mouthpiece of the Chinese Communist Party.
This is a little stimulus, at the margin.