China to ease mortgage rules and cut banks’ FX reserve ratio

Renminbi-Getty

Chinese financial regulators have offered fresh support for the ailing property sector by further easing mortgage rules. They also moved to shore up the yuan today (September 1).

The People’s Bank of China and the National Administration of Financial Regulation said on August 31 the downpayment ratio for first-home purchases should be no lower than 20%, and no lower than 30% for second-home purchases. Currently, most major cities have about a 30% downpayment ratio for first homes, and 40% or

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