Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 7 (Xinhua) — The People’s Bank of China (PBOC, the central bank) on Wednesday announced it would cut interest rates on loans issued from the housing savings fund by 0.25 percentage points starting from Thursday.
Interest rates on loans from the housing savings fund for first-time home buyers with a repayment term of up to 5 years, as well as with a repayment term of more than 5 years, will be adjusted to 2.1 percent and 2.6 percent, respectively, and for second-time home buyers – no less than 2.525 percent and 3.075 percent, respectively, the NBC said in a statement.
The measure is expected to save home buyers more than 20 billion yuan (about $2.8 billion) a year in interest payments, People’s Bank of China Governor Pan Gongsheng told a news conference. -0-