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Manage Government controls may curb China's steel exports in second half Geely to launch three models in Indonesia Kweichow Moutai unaffected by corruption investigation Iran, China agree on North Pars gas field development Chinese, Vietnamese companies deals worth more than $2 bln China to push forward exchange rate reform step by step carve out 3 foreign banks get nods to incorporate locally Open season on foreign markets Shougang confirms plant closure in time for Olympics Shanghai coffee shop finally changes name after long Starbucks dispute CNPC to invest 40 bln yuan in developing newly found oilfield China confident of solving financial challenges Industry Mainland stock index rises to record for 3rd Day Property bargain-hunters turn to Japan and China S Korea's trade surplus with China drops 16.8 pct during first 4 months 3 billion U.S. dollars from China's forex reserve entrusted to U.S. firm for overseas investment China's property investment up 27.4 pct in first four months China raises overseas investment quota for banks to $15 bln

Everbright issues new fixed-rate mortgage  SHANGHAI, May 23 -- Everbright Bank has raised its fixed mortgage rates since the central bank raised both deposit and benchmark lending interest rates on Friday. The five-to-ten-year fixed rate of home loans has surged from the previous 6.12 percent to 6.18 percent annually, while the three-to-five-year rate now becomes 5.94 percent, compared the previous 5.76 percent, a little higher than the central bank's 5.89 percent benchmark for the same maturity. The rate for the three-year term changed from 5.61 percent to 5.76 percent. Several other domestic banks also planned to lay out their new fixed-rate home loan policies in the near future. Before issuing the new rates, Everbright had suspended mortgage business in Shanghai. It told local real estate agencies to stop selling the current fixed-rate mortgages until the new rates were published, the Shanghai Morning Post reported yesterday. The People's Bank of China on Friday raised the one-year benchmark lending interest rate by 0.18 percentage point to 6.57 percent. The one-year deposit rate made a 0.27 percentage point gain to 3.06 percent. The increases are the fourth since April 2006. In another of its three surprising moves, the bank widened the daily fluctuation band for the yuan exchange rate. It was the first time the central bank has taken such a strong series of measures to rein in the booming economy. The central bank's moves also affected the US dollar-based home loan market, since the daily trade band for the yuan was widened from 0.3 percent to 0.5 percent. Many overseas buyers who are paid in yuan at their work in the city now are much more willing to pay their home loans by US dollars because of the yuan's appreciation, the report said. MORE NEWS • China to set up coal exchange in northern province • China may cut tax on used-car auctions • Accounting standards have no big impact • Property bargain-hunters turn to Japan and China • Singapore Airlines may buy China Eastern Air stake • 3 foreign banks get nods to incorporate locally • Mainland stocks rise to a record high • Wal-mart fined for 'product fraud'

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