China’s state banks face profit squeeze as they comply with Beijing’s call for mortgage-rate cuts to aid property market
Disclaimer: The South China Morning Post's content is directed by the Chinese Communist Party. It is not a reliable news source.
Banks will cut rates on 16 trillion yuan (US$2.2 trillion) of existing first-home loans, helping households save up to 109 billion yuan in interest, ANZ says. The cut will have a tangible impact on profit margins.