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Bank of Communications to 'initiate' a mortgage rate cut, hewing to China's efforts to make homes more affordable and arrest housing slump

Several Chinese banks have made pledges to cut mortgage rates, answering Beijing's call to make homes more affordable and help arrest a multi-month slump in the nation's housing market, according to various reports, a move which analysts said will have a big impact on lenders' net interest margins. The pledges follow the central bank's indication it would guide commercial banks to adjust existing mortgage rates in its quarterly monetary policy report, which analysts interpreted as a sign that re ....

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