Banks deny rate cuts; home loans in focus

Two commercial banks in Shanghai refuted media reports they will offer lower mortgage rates for first-home buyers, suggesting the current strict home-market policies will continue for a while.

On Aug 9, media reports emerged that Industrial and Commercial Bank of China and Agricultural Bank of China in Shanghai will lower mortgage interest rate for first-home buyers from 95 percent of the benchmark interest rate (which is currently 4.9 percent) to 90 percent.

But the next day, the Shanghai branches of both banks denied any such move.