The People's Bank of China (PBOC) said on Sunday that it would tell banks to lower mortgage rates for existing home loans before October 31 in its latest attempt to shore up the troubled property sector as the economy slows, per Bloomberg. 

Commercial banks should reduce interest rates on existing mortgages to no less than 30 basis points (bps) below the Loan Prime Rate (LPR), according to a statement released by the People's Bank of China (PBOC). It is estimated to cut existing mortgage rates by about 50 bps on average.