September 19, 2017 / 11:45 AM / 2 years ago

China central bank backs mortgage rate hikes in capital

A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. REUTERS/Petar Kujundzic

BEIJING (Reuters) - China’s central bank supports a move by some banks to increase lending rates on mortgage loans in the Beijing market, state broadcaster China Central Television (CCTV) on Tuesday quoted the central bank as saying.

Mortgage lending rates that are 5 percent to 10 percent higher than the benchmark lending rate have become “a mainstream phenomenon” in Beijing, the business management department of the People’s Bank of China (PBOC) said.

The banks’ move was “in line with the policy direction”, it added.

Reporting by Beijing Monitoring Desk and Yawen Chen

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