Announcement of Chinese mortgage rate cuts likely today

<p>An announcement that China’s largest banks would cut interest rates on existing mortgages and deposits was expected on Tuesday but it didn't come. </p><p>It still looks likely though. The announcement could come on Wednesday instead. </p><p>Big state-owned lenders are expected to reduce rates on the majority of the nation’s 38.6 trillion yuan ($5.3 trillion) of outstanding mortgages.</p><p>News wires carried the report citing unnamed sources. </p><ul><li>reductions will only affect loans on first homes said two sources</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.