The People's Bank of China (PBoC) slashed its reference for mortgages, the 5-year loan prime rate, by 25bps to 3.95% at the February fixing, more than market forecasts of a reduction of 15bps. It was the first rate cut since June 2023 and the largest since that rate was introduced in 2019, as the board ramped up efforts to spur credit demand and reverse a property downturn. Meanwhile, the 1-year rate was retained at 3.45%, defying consensus of a drop of 15bps. Both key lending rates are at record lows. Tuesday’s move came after the PBoC kept medium-term lending rates unchanged over the weekend, amid indications that the board needed time to assess the impact of recent support measures for the economy and safeguard the yuan. Earlier in the month, the central bank unleashed CNY 1 trillion of liquidity into the banking system by trimming the RRR for commercial banks by 50bps and reducing interest rates on re-lending funds aimed at promoting loans to agricultural and small firms. source: People's Bank of China

The benchmark interest rate in China was last recorded at 3.45 percent. Interest Rate in China averaged 4.31 percent from 2013 until 2024, reaching an all time high of 5.77 percent in April of 2014 and a record low of 3.45 percent in August of 2023. This page provides the latest reported value for - China Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. China Loan Prime Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2024.

The benchmark interest rate in China was last recorded at 3.45 percent. Interest Rate in China is expected to be 3.35 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China Loan Prime Rate is projected to trend around 3.15 percent in 2025 and 3.25 percent in 2026, according to our econometric models.

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China Loan Prime Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-12-20 01:15 AM
Loan Prime Rate 1Y
3.45% 3.45% 3.45%
2024-01-22 01:15 AM
Loan Prime Rate 1Y
3.45% 3.45% 3.45%
2024-02-20 01:15 AM
Loan Prime Rate 1Y
3.45% 3.45% 3.3% 3.3%
2024-03-20 01:15 AM
Loan Prime Rate 1Y
3.45% 3.35%
2024-04-22 01:15 AM
Loan Prime Rate 1Y
2024-05-20 01:15 AM
Loan Prime Rate 1Y


Related Last Previous Unit Reference
Interest Rate 3.45 3.45 percent Feb 2024
Cash Reserve Ratio 10.00 10.00 percent Feb 2024
Interbank Rate 2.45 2.45 percent Feb 2024
Money Supply M1 69419.79 68054.25 CNY Billion Jan 2024
Money Supply M0 12139.85 11344.46 CNY Billion Jan 2024
Money Supply M2 297625.02 292271.33 CNY Billion Jan 2024
Foreign Exchange Reserves 3219320.00 3237977.00 USD Million Jan 2024
Central Bank Balance Sheet 456426.77 456944.14 CNY Hundred Million Jan 2024
Banks Balance Sheet 4920.00 1170.00 CNY Billion Jan 2024
Loans to Private Sector 65017.00 19401.00 CNY Hundred Million Jan 2024
Deposit Interest Rate 0.35 0.35 percent Jan 2024
Loan Growth 10.40 10.60 percent Jan 2024
Reverse Repo Rate 1.80 1.80 percent Feb 2024
Liquidity Injections Via Reverse Repo 329.00 247.00 CNY Billion Feb 2024
Loans To Banks 2411513.07 2362900.87 CNY Hundred Million Jan 2024
Lending Rate 4.35 4.35 percent Oct 2022

China Loan Prime Rate
The People’s Bank of China (PBOC) on August 17th, 2019, designated the Loan Prime Rate (LPR) the new lending benchmark for new bank loans to households and businesses, replacing the central bank’s benchmark one-year lending rate. The rate is based on a weighted average of lending rates from 18 commercial banks, which will submit their LPR quotations, based on what they have bid for PBOC liquidity in open market operations, to the national interbank funding center before 9am CST on the 20th of every month.
Actual Previous Highest Lowest Dates Unit Frequency
3.45 3.45 5.77 3.45 2013 - 2024 percent Daily

News Stream
China Cuts 5-Year LPR Rate by Most on Record
The People's Bank of China (PBoC) slashed its reference for mortgages, the 5-year loan prime rate, by 25bps to 3.95% at the February fixing, more than market forecasts of a reduction of 15bps. It was the first rate cut since June 2023 and the largest since that rate was introduced in 2019, as the board ramped up efforts to spur credit demand and reverse a property downturn. Meanwhile, the 1-year rate was retained at 3.45%, defying consensus of a drop of 15bps. Both key lending rates are at record lows. Tuesday’s move came after the PBoC kept medium-term lending rates unchanged over the weekend, amid indications that the board needed time to assess the impact of recent support measures for the economy and safeguard the yuan. Earlier in the month, the central bank unleashed CNY 1 trillion of liquidity into the banking system by trimming the RRR for commercial banks by 50bps and reducing interest rates on re-lending funds aimed at promoting loans to agricultural and small firms.
2024-02-20
China Leaves Benchmark Lending Rates Unchanged
The People's Bank of China (PBoC) maintained its lending rates at the January fixing, as the central bank continued its attempt to support an economic revival. The one-year loan prime rate (LPR), which is the medium-term lending facility used for corporate and household loans, was kept unchanged at a record low of 3.45% for the fifth consecutive month; and the five-year rate, a reference for mortgages, was held at 4.2% for the seventh straight month. Monday's decision came after the central bank ramped up liquidity injection through medium-term policy last week while surprising markets by keeping the interest rate unchanged. Meanwhile, the Chinese economy grew 5.2% yoy in Q4 of 2023, accelerated from a 4.9% gain in Q3, but less than forecasts of 5.3%. For the full year, the GDP expanded by 5.2%, surpassing the government target of around 5.0% and accelerating from a 3.0% rise in 2022 amid various support measures and a low base effect last year.
2024-01-22
China Keeps LPR Lending Benchmark Unchanged
The People's Bank of China (PBoC) maintained its lending rates steady at the December fixing, as the central bank continued its attempt to revive a sputtering economy. The one-year loan prime rate (LPR), which is the medium-term lending facility used for corporate and household loans, was held unchanged at a record low of 3.45% for the fourth consecutive month; and the five-year rate, a reference for mortgages, was left at 4.2% for the sixth straight month. Wednesday's decision came after the central bank ramped up liquidity injection through medium-term policy last week while keeping the interest rate unchanged. Meanwhile, property sectors, which account for a quarter of the Chinese economy, remained a persistent drag to a post-pandemic recovery, as default risks among builders deepened despite various efforts from Beijing to stimulate demand and ease liquidity concerns. On the currency front, the yuan strengthened by 2.55% in November but was down 3.4% year-to-date.
2023-12-20