China reportedly to cut interest rates on $5 trillion mortgages as soon as this month ...Middle East

This is mainly to further reduce borrowing costs and to try and bolster consumption activity. Domestic demand conditions in China have suffered greatly ever since the Covid pandemic and there hasn't been much of a revival in that area despite the world returning back to normal.The report says that some banks are already making final preparations for the adjustments on mortgage rates. And the change could go into effect as early as some this month. According to one of the sources, some homeowners may enjoy up to 50 bps of immediate rate reduction.It's a big move by Beijing but again, we'll have to see just how effective this can be. They've taken quite a number of steps already in the past ye

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