Asia Credit Daily

Chinese regulators take further steps to cut down payments for home buyers and encourage banks to lower interest rates on existing mortgages, according to joint statements issued by the People’s Bank of China and National Administration of Financial Regulation on Thursday, Aug. 31. The minimum down payment will be uniformly reduced to no less than 20% for first home purchases and no less than 30% for second home purchases. The lower limit of mortgage interest rate for second home purchase had been adjusted to the level of related LPR+20 bps while the lower limit of mortgage interest rate for first home purchases remained at the level of related LPR-20 bps.

India’s GDP surged by 7.8% in April-June, surpassing predictions of 7.7% and up from 6.1% in the previous quarter and marked the highest in four quarters, driven by strong services sector and government capital spending. However experts suggest faster expansion in the first half of the financial year might give way to slower growth in the latter half, Nikkei Asia reported.

Shanghai Composite Index went up 0.34% to 3,130 as of 2:04 p.m. Beijing Time. Japan’s Nikkei 225 Index went up 0.28% to close at 32,711, while Australia’s S&P/ASX200 went down 0.36% to close at 7,279. Hong Kong market is closed today due to No. 9 Typhoon.

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