BEIJING, Jan. 4 (Xinhua) -- Major Chinese lenders are
expanding a preferential policy on house loan interests to cut the burden of the
country's home buyers hit by the spreading financial crisis.
For individuals who bought houses on mortgage lending
before Oct. 27, 2008 and have not paid off the loans, their credit interest
rates could be reduced to 70 percent of the benchmark rate from the previous 85
percent, customer service staff of several banks told Xinhua on Sunday.
The discount will be available for Beijing, Shanghai
and Qingdao clients of the China Construction Bank after their applications go
through default record checks.
The Bank of China branch in Shanghai is also
providing the preference but the Beijing branch keeps the rate unchanged.
The Industrial and Commercial Bank of China, the
country's largest lender, and the Agricultural Bank of China are also making
specific rules for similar rate discounts.
China's central bank announced in October it would
reduce the lower limit of interest rates on individual house loans to 70 percent
of the benchmark credit rate from 85 percent, starting from Oct. 27 last year.
The move was viewed as a stimulus to the flagging
property market but it has been unclear whether house mortgage deals before that
date can enjoy the favor.
Under the rate discount, home buyers with a
500,000-yuan (73,500 U.S. dollars) bank loan to be paid off within 20 years can
save nearly 60,000 yuan of interest, analysts estimate.
BEIJING, Nov. 26 (Xinhua) -- China's central
bank has decided to slash the lending and deposit rates by a
bigger-than-expected 1.08 percentage points as of Thursday in the latest strong
effort to stimulate the economy.
The People's Bank of China (PBOC) said on Wednesday it
would cut the benchmark one-year yuan lending rate to 5.58 percent from 6.66
percent and the one-year yuan deposit rate to 2.52 percent from 3.60
percent. Full story
BEIJING, Oct. 8 (Xinhua) --
China's central bank on Wednesday announced cuts in both the interest rate and
reserve-requirement ratio in the latest effort to boost the domestic economy
amid worries over the deepening global financial crisis.
The deposit and lending rates would be lowered by 0.27
percentage points from Thursday and the reserve-requirement ratio would be down
by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said.
Full story
BEIJING, Nov. 9 (Xinhua) -- China said on Sunday it will
loosen credit conditions, cut taxes and embark on a massive infrastructure
spending program in a wide-ranging effort to offset adverse global economic
conditions by boosting domestic demand.
This is a shift long advocated by analysts of the
Chinese economy and by some within the government. It comes amid indications
that economic growth, exports and various industries are slowing. Full story
BEIJING, Oct. 8 (Xinhua) -- China's central bank on
Wednesday announced cuts in both the interest rate and reserve-requirement ratio
in the latest effort to boost the domestic economy amid worries over the
deepening global financial crisis.
The deposit and lending rates would be lowered by
0.27 percentage points from Thursday and the reserve-requirement ratio would be
down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC)
said. Full story
BEIJING, Sept. 15 (Xinhua) -- China's central bank said on
Monday it would reduce the benchmark loan interest rate and the reserve
requirement ratio for commercial banks to ensure a steady and rapid economic
growth.
The benchmark interest rate for one year yuan denominated
loans will be adjusted down 0.27 percentage points from Tuesday, its first
downward movement since October 2004. Full story
