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BEIJING, Aug 29 - Some Chinese state-owned banks will soon lower interest rates on existing mortgages, three sources familiar with the matter said on Tuesday, as Beijing ramps up efforts to revive the debt crisis-hit property sector and bolster a sputtering economy.
The country's central bank, the People's Bank of China , did not immediately respond to Reuters request for comment after business hours. Chinese lenders were widely expected to cut interest rates on existing mortgages after the PBOC earlier this month said that it would guide commercial banks to do so.
Lowering existing mortgage rates is expected to further weigh on the banking sector's net interest margin - a key gauge of profitability - which fell to a record low at the end of second quarter, official data showed.
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