China plans further cuts to house buying taxes to boost property sector

Bloomberg reporting, citing unnamed sources.

• Regulators are developing a proposal that would enable major
  cities, such as Shanghai and Beijing, to reduce the deed tax for
  buyers to as low as 1%, down from the current rate of up to 3%

At the margin this is a boost for domestic demand.

Mainland equities have opened higher on the day.

This article was written by Eamonn Sheridan at www.forexlive.com.