The People's Bank of China left key lending rates unchanged at the April fixing, in line with market expectations. Monday's decision came after the economy grew more than expected in Q1 of 2024 while the yuan faced renewed depreciation pressure. The 1-year loan prime rate (LPR), the benchmark for most corporate and household loans, was maintained at 3.45%. Meanwhile, the 5-year rate, a reference for property mortgages, was retained at 3.95% following a record reduction of 25bps in February. Both rates are at record lows, indicating that Beijing is continuing its attempt to spur an economic recovery following weak activity data in March due to headwinds from the property sector, lingering deflation risks, and fragile trade performance. Meanwhile, new yuan loans in March climbed to CNY 3.09 trillion from CNY 1.45 trillion in February but fell short of consensus. The PBoC last week held a medium-term lending rate while draining cash from the banking system for the second straight month. source: People's Bank of China

The benchmark interest rate in China was last recorded at 3.45 percent. Interest Rate in China averaged 4.29 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 April of 2024.

The benchmark interest rate in China was last recorded at 3.45 percent. Interest Rate in China is expected to be 3.15 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.



Calendar GMT Reference Actual Previous Consensus TEForecast
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% 3.45% 3.45% 3.45%
2024-04-22 01:15 AM
Loan Prime Rate 1Y
3.45% 3.45% 3.45% 3.45%
2024-05-20 01:15 AM
Loan Prime Rate 1Y
3.45% 3.45%
2024-06-20 01:15 AM
Loan Prime Rate 1Y
2024-07-22 01:15 AM
Loan Prime Rate 1Y


Related Last Previous Unit Reference
New Yuan Loans 3090.00 1450.00 CNY Billion Mar 2024
Cash Reserve Ratio Big Banks 10.00 10.00 percent Apr 2024
Central Bank Balance Sheet 445693.90 456426.77 CNY Hundred Million Feb 2024
Deposit Interest Rate 0.35 0.35 percent Mar 2024
Foreign Exchange Reserves 3245657.00 3225817.00 USD Million Mar 2024
Interbank Rate 1.99 2.00 percent Apr 2024
Loan Prime Rate 1Y 3.45 3.45 percent Apr 2024
Liquidity Injections Via Reverse Repo 2.00 2.00 CNY Billion Apr 2024
Outstanding Loan Growth YoY 9.60 10.10 percent Mar 2024
Loans To Banks 2425307.26 2411513.07 CNY Hundred Million Feb 2024
Total Social Financing 48700.00 15211.00 CNY Hundred Million Mar 2024
Money Supply M0 11721.05 12100.99 CNY Billion Mar 2024
Money Supply M1 68580.89 66591.61 CNY Billion Mar 2024
M2 Money Supply YoY 304795.22 299557.30 CNY Billion Mar 2024
Reverse Repo Rate 1.80 1.80 percent Apr 2024

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 Keeps LPR Rates as Expected
The People's Bank of China left key lending rates unchanged at the April fixing, in line with market expectations. Monday's decision came after the economy grew more than expected in Q1 of 2024 while the yuan faced renewed depreciation pressure. The 1-year loan prime rate (LPR), the benchmark for most corporate and household loans, was maintained at 3.45%. Meanwhile, the 5-year rate, a reference for property mortgages, was retained at 3.95% following a record reduction of 25bps in February. Both rates are at record lows, indicating that Beijing is continuing its attempt to spur an economic recovery following weak activity data in March due to headwinds from the property sector, lingering deflation risks, and fragile trade performance. Meanwhile, new yuan loans in March climbed to CNY 3.09 trillion from CNY 1.45 trillion in February but fell short of consensus. The PBoC last week held a medium-term lending rate while draining cash from the banking system for the second straight month.
2024-04-22
China Holds LPR Rate Steady
The People's Bank of China kept benchmark lending rates unchanged at the March fixing, as widely expected. The one-year loan prime rate (LPR), the benchmark for most corporate and household loans, was retained at 3.45%. Meanwhile, the five-year rate, a reference for property mortgages, was maintained at 3.95% following the biggest-ever reduction of 25bps in February. Both rates are at record lows, as the central bank seeks to spur an economic turnaround in the face of headwinds from the property sector and a near-record low in consumer confidence. Wednesday's move came after monetary authorities left medium-term lending rates last week, and drained cash from the banking system for the first time since November 2022 due to worries that too much cash within the system might not flow into the real economy. Recently, the PBoC signaled there was room for further cuts of banks’ RRR. It also viewed that China has ample monetary policy tools and will use them to stabilize consumer prices.
2024-03-20
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