The People's Bank of China. Photo: iStock

The People’s Bank of China has supported a move by some Beijing banks to increase lending rates on mortgages, reported on Tuesday.

The central bank said in a telecast by state media China Central Television, that the increase has become a “mainstream phenomenon” in Beijing, pointing to the 5%-10% increase on benchmark lending rates for mortgage lending rates, the report said.

The capital city has seen a raft of measures exercised through mortgage rates to curb housing prices since March of this year, the report added. The measures included increasing mortgage lending rates in order to curb housing demand, it added.

Other than Beijing, Shanghai, Shenzhen, Nanjing and other big cities have also increased mortgage lending rates, with 5%-10% above the benchmark lending rate as a “norm,” the report said.