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China Should Balance Existing Mortgage Rate Cuts With Bank Profits - Advisor

CHINA PRESS
MNI (Singapore)

The latest move to reduce outstanding mortgage rates for first-time homebuyers should take into account the net interest margin of commercial banks which stands at a record low level of 1.74%, said Sheng Songcheng, previously head of the statistics and analysis department at the People’s Bank of China. Currently, commercial banks have limited channels to replenish their capital and face declined net profit. Many banks said they will lower deposit interest rates starting in September, with the reduction ranging from 5-25bp. Sheng believes further stimulus should wait after the implementation and evaluation of recent measures to avoid home prices overshooting. (Source: Yicai)

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