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

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

The People's Bank of China decided to lower the benchmark interest rates for financial institutions' RMB loans and deposits from October 24, 2015 to further reduce social financing costs. Among them, the one-year lending benchmark interest rate of financial institutions was lowered by 0.25 percentage points to 4.35%; the one-year deposit benchmark interest rate was lowered by 0.25 percentage points to 1.5%; the benchmark interest rates of other grades of loans and deposits, and the PBOC’s interest rate adjustments to financial institutions were adjusted accordingly. The personal housing provident fund loan interest rate remains unchanged. At the same time, commercial banks and rural cooperative financial institutions will no longer set a floating ceiling for deposit interest rates, and will promptly improve the marketization formation and regulation mechanism of interest rates, strengthen the central bank's regulation, supervision and guidance on the interest rate system, and improve the efficiency of monetary policy transmission.

Since the same day, the RMB deposit reserve ratio of financial institutions has been lowered by 0.5 percentage points in order to maintain a reasonable and sufficient liquidity in the banking system and to guide the steady and moderate growth of money and credit. At the same time, in order to increase financial support for “three rural” and small and micro enterprises, the financial institutions that meet the standards will reduce the deposit reserve ratio by 0.5 percentage points.

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

 

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

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