You are here

China central bank backs mortgage rate hikes in capital

[BEIJING] China's central bank supports a move by some banks to increase lending rates on mortgage loans in the Beijing market, state broadcaster China Central Television (CCTV) on Tuesday quoted the central bank as saying.

Mortgage lending rates that are 5 per cent to 10 per cent higher than the benchmark lending rate have become "a mainstream phenomenon" in Beijing, the business management department of the People's Bank of China (PBOC) said.

The banks' move was "in line with the policy direction", it added.

REUTERS

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom