People’s Bank of China Governor Pan Gongsheng announced that the central bank will soon reduce the amount of cash that banks must hold as reserves, which is known as the reserve requirement ratio, by 0.5 percentage points – thereby freeing up liquidity of about one trillion yuan,or about 140 billion U.S. dollars, into the market for lending.
The governor added that China also will lower mortgage rates on existing home loans to a level similar to those of newly issued housing loans. And the average reduction is expected to be around 0.5 percentage points.
He also said the down payment requirements for buyers of second homes will be reduced from 25 percent to 15 percent nationwide.
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