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China announced new heavyweight policies to boost its economy on September 24, 2024. The measures include cuts to the mortgage rate for existing housing and the reserve requirement ratio, as well as plans to roll out new tools to support the stock market. The reserve requirement ratio is the amount of cash commercial banks must hold as reserves. People’s Bank of China governor Pan Gongsheng said the mortgage rate for existing housing would be cut by half a percentage point. The mortgage rate cut is expected to benefit 50 million households, and would see household interest expenses reduced by an average of about 150 billion yuan per year.
