Chinese Banks Slash Mortgage Rates Amid Deepening Property Crisis

Chinese state-owned banks are planning to lower interest rates on existing mortgages in an effort to revive the debt crisis-hit property sector and boost the economy. The rate cut will vary depending on clients and cities, with reductions of up to 20 basis points expected. This move comes as part of a series of measures announced by Beijing to support the property market and address concerns about the health of the economy. Lowering existing mortgage rates is expected to further impact the banking sector's profitability, which has already been squeezed by falling net interest margins. Chinese banks will also cut some deposit rates by 10-25 basis points to help maintain profitability.