Beijing - China's financial watchdogs announced Thursday that housing credit policies will be adjusted and optimized.

The interest rates of existing mortgages for first-home purchases will be lowered, according to a joint statement released by the People's Bank of China and the National Administration of Financial Regulation.

The country will also implement a uniform policy on the minimum down payment ratio for individuals' commercial housing mortgages both for first-home and second-home purchases, the statement said.