With this, all of China's first-tier cities have broadened the definition of first-home mortgages, in a bid to boost buyer sentiment. Meanwhile, Beijing and Shanghai on Friday announced that they would allow home buyers to enjoy preferential loans for first-home purchases regardless of their previous credit records. "The impact of the deposit rate cut is material, given that close to three-quarters of Chinese banks' liabilities are deposits," Zhu said.Ĭhina's mortgage loans totalled 38.6 trillion yuan ($5.29 trillion) at the end of June, representing 17% of banks' total loan books. Lower deposit rates will partially offset various pressures on banks' narrowing net interest margins - a key gauge of profitability, said Nicholas Zhu, a banking analyst at Moody's. The deposit rate cuts are the third such cuts within a year, with the scale of cuts bigger than previous rounds in June and in September last year. 25, first-time home buyers with mortgages can apply to their banks for a lower interest rate on their existing loans, China's central bank and financial regulator announced on Thursday. Three sources familiar with the matter told Reuters on Tuesday that major state banks would cut deposit rates as they prepare to lower interest rates on existing mortgages soon. The measures helped lift confidence in the market and battered property stocks rallied, with China's CSI 300 Real Estate Index (.CSI000952) ending up 2.4%, while the blue-chip CSI300 Index (.CSI300) climbed 0.5%. Several midsized banks also announced they will start cutting interest rates on a range of deposits by 10-25 basis points. The lenders lowering mortgage rates on Friday included Industrial and Commercial Bank of China (601398.SS), China Construction Bank Corp (601939.SS) and Agricultural Bank of China (601288.SS), which cut their deposit rates by between 10 and 25 basis points, websites from each bank showed. 15, a move seen aimed at slowing the pace of yuan declines. The central bank said on Friday it would cut the foreign exchange reserve requirement ratio (RRR) by 200 basis points (bps) to 4% from 6% beginning Sept. Stress in the property market has intensified pressure on Beijing to implement supporting measures and fanned concern about the ability of policymakers to arrest a decline in China's broader economic growth.Ĭhina's new home prices fell for the fourth month in August, according to a private survey on Friday, as the property debt crisis kept confidence at a low ebb despite the string of support measures. What are you waiting for? Check the live rate card and buy travel card or cash at the most competitive prices now and gear up for your upcoming overseas trip."Everything they do right now is going to have an impact five to 10 years down the line."Ĭountry Garden, China's largest private developer by sales, did not immediately respond to Reuters request for comment. Our transparent processes and seamless experience have helped us gain the trust of millions around the globe. Leisure and business travelers from across the world trust us for all the forex requirements. Our constant efforts at enriching your travel experience with our bespoke solutions, have helped us reach a reputable position in the international travel and forex market. With just a few taps, you can effortlessly check the exchange rate and accordingly buy your prepaid travel card online or cash at the most competitive prices.Īnother concern in availing foreign exchange is finding a reliable source. The world is constantly evolving and in today’s digital era, buying foreign currency has become as simple as ever. Our services include, but are not restricted to, flight booking, hotel booking, sight-seeing and foreign exchange. With our exhaustive range of travel services, we aim at enriching your travel experience. When you think international travel, think Thomas Cook.Īt Thomas Cook, we understand the value of your money and the importance of a good vacation. For example, if you have loaded your travel prepaid card with 20,000 USD, the value of it won’t change, regardless of the foreign exchange fluctuations. This way you maximize the value of your rupee. Since Forex travel cards are loaded at locked-in exchange rates, they protect you from the fluctuating exchange rates. One of the most important concerns in foreign exchange is its fluctuating conversion rates. For example, if remittance rate for US dollar is 70, this means 1 US dollar being remitted is equivalent to Rs. Remittance rate is the rate of that foreign currency against Indian Rupees. Remittance means transfer of money from foreign country to home country (India).
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