Three of China's biggest banks on Friday cut interest rates on a range of deposits in an effort to ease pressure on their shrinking margins as lenders move to lower mortgage rates to prop up a struggling property sector and a faltering economy.
Starting from Sept. 25, first-time home buyers with mortgages can apply to their banks for a lower interest rate on their existing loans, China's central bank and financial regulator announced on Thursday.broadening the definitionThe moves come as embattled developer Country Garden delays a deadline for creditors to vote on whether to postpone payments for an onshore private bond, according to a document seen by Reuters.
will have to overcome as it strives to avoid default amid a spiralling financing crisis and opposition from some creditors. Country Garden, China's largest private developer, did not immediately respond to Reuters request for comment.The lenders cut rates on one-year time deposits by 10 basis points to 1.55%, and two-year time deposit by 20 bps and three-year and five-year time deposits by 25 bps.
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