After the change of Airline Fuel Surcharge, the lower of housing mortgage rate is even a bigger news today. Friends are running round to tell friends that the mortgage rate has lowered to 70% of the original level. That is huge amount of money for many people. All the four major banks in China joined the campaign – Bank of China, China Construction Bank, China Bank of Commercial and Industry, and China Bank of Agriculture… Local banks like Bank of Shanghai also issued news about lowering the rate.
It seems foreign banks in China like Citigroup didn’t response to this trend yet.