China unveils rate cut, mortgage subsidies to spur growth

Beijing, September 29 - China has taken further steps to stimulate its slowing economy with a rate cut and mortgage subsidies for first-time homebuyers. The People's Bank of China (PBOC) reduced the rate on its supplementary lending facility by 25 basis points, bringing it down to 1.5% from 1.75%. The central bank also expanded the PSL facility to support investment in various infrastructure projects.

Additionally, the government announced an interest subsidy for new commercial mortgages, with eligible first-home buyers receiving a 1 percentage point annual subsidy for up to five years on loans capped at 1 million yuan per household.