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Back in China, car sales have fallen for the second month running.
Retail vehicle sales fell about 8% to 2.1 million units in November, according to data published by the China Passenger Car Association today. This shows a 22% slump in sales of gasoline cars, with new-energy vehicle sales rising 4.2% for the month.
Usually the trend at the end of the year is that the car market should get stronger and stronger from October. But the retail sales in November compared to previous years is unusual."
Mortgage rates continue on the downward trend and November was particularly fruitful for fixed rate cuts.
The re-pricing by lenders led to the average five-year fixed rate dropping below 5% for the first time in over two years and sits at its lowest point since before the mini-Budget' in September 2022, alongside its two-year counterpart.
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