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After interest rate cuts, the benchmark interest rate for loans fell from 5.15% to 4.90%

Time: 2015-10-23         Source: Fusion 360         Author: Zhao Rong

The People's Bank of China decided to reduce the benchmark interest rates for RMB loans and deposits of financial institutions from October 24, 2015 to further reduce social financing costs. Among them, the one-year benchmark lending rate of financial institutions was cut by 0.25 percentage points to 4.35%; the one-year benchmark deposit interest rate was lowered by 0.25 percentage point to 1.5%; the benchmark interest rates for other grades of loans and deposits, and the People's Bank’s adjustment of lending rates to financial institutions were adjusted accordingly. The personal housing provident fund lending rate remains unchanged. At the same time, commercial banks and rural cooperative financial institutions no longer set ceilings on the floating interest rate for deposits, and they have also paid close attention to perfecting the market formation and adjustment mechanism of interest rates, strengthening the central bank's regulation and supervision of the interest rate system, and improving the efficiency of monetary policy transmission.

Since the same date, the RMB deposit reserve ratio of financial institutions has been lowered by 0.5% to maintain a reasonable and adequate liquidity in the banking system and guide the steady and moderate growth of money and credit. At the same time, in order to increase financial support for the "three rural" and the positive incentives of small and micro enterprises, the financial institutions that meet the standards will additionally reduce the deposit reserve ratio by 0.5%.

After interest rate cutCommercial loansList of latest interest rates (from October 24, 2015)

 

Loan period Commercial loan interest rate before fixing
Within 1 year (inclusive) 4.35% 4.60%
1-5 (inclusive) years 4.75% 5.00%
More than 5 years 4.90% 5.15%

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