Chinese media outlet Global Times with a summary of cuts that came into effect today:many Chinese banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, have cut some of their existing mortgage ratesMortgage rates that currently exceed loan prime rate (LPR)-30 basis points (BP) will be reduced uniformly to LPR-30BPAfter the adjustment, the average reduction in mortgage rates for existing home loans is around 0.5 percentage points. The move is expected to benefit 50 million households, or a population of 150 million, and reduce the total interest expenses for households by approximately 150 billion yuan ($21.05 billion) per year on average.That is not 'flood
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