The Central Bank of the People's Republic of China is responsible for formulating and implementing monetary policies, preventing and resolving financial risks, and maintaining financial stability.
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The People's Bank of China told commercial banks on Sunday to start lowering interest rates on all existing home loans, a move aimed at helping ease the mortgage burden on households hit by an economic slowdown.
A statement issued by the People's Bank of China stated that commercial banks must lower existing housing loan interest rates in batches to no less than 30 basis points below the People's Bank of China's benchmark loan interest rate before October 31.