Bloomberg (gated) with the info, citing unnamed sources:
- China poised to cut interest rates on more than $5 trillion of outstanding mortgages as early as this month
- Some banks are making final preparations to get ready for the upcoming adjustments on mortgage rates
- Some homeowners may enjoy up to 50 basis points of immediate rate reduction
- Timeline has yet to be finalized
Lower interest payments will, at the margin, free up some consumer cash. That'll be the intention anyway.
