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on the evening of september 29, the people's bank of china issued a document to guide commercial banks to carry out a batch adjustment of existing mortgage interest rates before october 31. the market interest rate pricing self-discipline mechanism subsequently released the "initiative on batch adjustment of existing mortgage interest rates".

the "initiative" points out that after the initiative is released, all commercial banks should conscientiously implement the requirements of the initiative and formulate implementation plans as soon as possible. in principle, major commercial banks should issue an announcement on the day the initiative is released, and issue operating rules no later than october 12, in a timely manner respond to customer concerns.

subsequently, the five state-owned banks, industrial and commercial bank of china, agricultural bank of china, bank of china, china construction bank and bank of communications, successively issued announcements stating that they would resolutely implement relevant requirements and advance the reduction of existing commercial personal housing loan interest rates in an orderly manner in accordance with the law.

the agricultural bank of china was the first to issue a document stating that in order to implement the decisions and arrangements of the party central committee and the state council and promote the stable and healthy development of the real estate market, the bank resolutely implemented the "people's bank of china announcement [2024] no. 11" and actively responded to the initiative of the market pricing self-discipline mechanism. preparatory work for interest rate adjustments on existing commercial personal housing loans will be carried out in an orderly manner.

agricultural bank of china will follow the principles of marketization and rule of law, provide convenient services through multiple channels, and carry out interest rate adjustment work in accordance with laws and regulations. specific operational matters will be announced on october 12, 2024, and all existing commercial banks will be unified before october 31, 2024. individual housing loan interest rates will be adjusted in batches. agricultural bank of china will subsequently announce relevant information on the agricultural bank of china’s official website, wechat official account, loan agency bank, 95599 and other channels. please pay attention.

icbc stated that in order to implement the decisions and arrangements of the party central committee and the state council, adapt to new changes in the supply and demand relationship in the real estate market, meet the people's new expectations for high-quality housing, and safeguard the legitimate rights and interests of housing consumers, the bank conscientiously implements the people's bank of china announcement [2024] no. 11 no. 1 policy requirements, actively responded to the initiative of the self-regulatory mechanism, and is advancing the adjustment of existing mortgage interest rates in an orderly manner.

icbc will follow the principles of marketization and rule of law and carry out existing mortgage interest rate adjustments in accordance with laws and regulations. it plans to announce specific operational guidelines and related matters on october 12, 2024 through the official website of icbc, wechat official account, outlets, 95588 and other channels. , and will complete the batch adjustment of existing mortgage interest rates before october 31, 2024, so please pay attention.

bank of china stated that in order to implement the decisions and arrangements of the party central committee and the state council, promote the stable and healthy development of the real estate market, and help expand domestic demand and promote consumption, the bank resolutely implements the requirements of the "people's bank of china announcement [2024] no. 11" and actively responds to the initiative of the self-regulatory mechanism , the work of reducing existing commercial individual housing loan interest rates is being carried out in an orderly manner in accordance with the law.

in accordance with the principles of marketization and legalization, the bank of china will formulate implementation details in accordance with laws and regulations, and at the same time make technical preparations. it is planned to be released on october 12, 2024 through our official website, official wechat public account, loan agency, 95566 and other channels. please pay attention to the specific implementation details and batch adjustments to existing mortgage interest rates before october 31, 2024. bank of china will promptly respond to customer concerns and provide customers with efficient and convenient online and offline services.

china construction bank stated that in order to implement the decisions and arrangements of the party central committee and the state council, adhere to the political and people-oriented nature of financial work, respond to customer concerns, and reduce residents’ financing costs, the bank resolutely implements the people’s bank of china announcement [2024] no. 11 and actively responds to the market the interest rate pricing self-regulatory mechanism is proposed to promote the batch adjustment of existing commercial personal housing loan interest rates in an orderly manner in accordance with the law.

china construction bank is stepping up its efforts to formulate an implementation plan for batch adjustments to existing mortgage interest rates. it plans to release specific operating rules on october 12, 2024, and complete batch adjustments by october 31, 2024. relevant matters will be released in a timely manner on ccb’s official website, wechat official account, outlets and other channels, so please pay attention.

bank of communications stated that in order to implement the decisions and arrangements of the party central committee and the state council and promote the stable and healthy development of the real estate market, the bank resolutely implements the "people's bank of china announcement [2024] no. 11", actively responds to the initiative of the market interest rate pricing self-regulatory mechanism, and is in compliance with the law. preparatory work will be carried out in order to adjust the interest rates of existing commercial personal housing loans.

bank of communications will provide efficient and convenient multi-channel services and organize and implement them in accordance with laws and regulations. it plans to release specific operational matters on october 12, 2024, and implement batch adjustments to existing commercial personal housing loan interest rates before october 31, 2024. the bank of communications will make subsequent announcements on the bank of communications' official website, wechat official account and other channels, so please pay attention.

source: the paper