THE People's Bank of China (PBOC), the country's central bank, said on Monday that it has basically completed the reduction of housing loan interest rates, benefiting more than 50 million households and 150 million people, and reducing borrowers' interest expenses by 3,200 yuan ($440.30) a year on average per household.
In August, China's top financial regulators, including the PBOC and the National Administration of Financial Regulation, issued a notice about lower down payments for both first- and second-time homebuyers while further cutting interest rates on existing mortgages, aiming to better meet housing demand and promote the healthy and steady development of the real estate market.
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