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Major Banks Seen Cutting Outstanding Mortgage Rates Soon

MNI (Singapore)

Major state-owned banks may move to promote the reduction of existing residential mortgage rates this week, Securities Daily reported citing anonymous sources. So far, Agricultural Bank of China, China Construction Bank, China CITIC Bank and China Merchants Bank have revealed they are preparing for the adjustment. Every 10bp cut in outstanding mortgage rates may lead to a reduction of 0.9-1bp in banks' net interest margin, according to estimates by major research institutes.

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