China – PBOC lowered the interest rate of existing mortgage loans

<p>An ICYMI in Xinhau on the People's Bank of China:</p><ul><li>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.
</li><li>applies to over 50 million households</li><li>expected to reduce borrowers' expenses by 160-170 billion yuan yearly, with an average annual reduction of 3,200 yuan per household</li></ul><p>Xinhua is the mouthpiece of the Chinese Communist Party.</p><p>This is a little stimulus, at the margin.</p>

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