This is the largest cut to the five-year loan prime rate since the rate was revamped in 2019.
February 20, 2024Banks are directed to expand lending to SMEs amid concerns that China could struggle to record positive growth in the current quarter.
May 27, 2022The PBOC will provide lenders up to 60 percent of the principal of carbon emission reduction loans at an interest rate of 1.75 percent.
November 9, 2021PBOC governor Yi Gang warns that quantitative easing and ultra-low interest rate policies can be damaging to market functions.
October 1, 2021Private lenders can charge a maximum four times the one-year loan prime rate. Based on the current rate, the maximum lending rate is 15.4%, compared to 24% previously.
August 24, 2020Policymakers said on Friday that monetary policies should make full use of RRR cuts, interest rate reductions and relending, indicating a shifting stance after GDP shrank 6.8% in Q1.
April 21, 2020Local authorities are directed to review the list of companies that received loans under a central bank initiative aimed at channelling low-cost funds into epidemic control.
April 13, 2020Banks and borrowers have until 31 August to renegotiate new contracts to convert existing floating-rate loans to either an LPR-based loan or a fixed interest rate.
January 2, 2020The rate on mortgages for first-time home buyers must be at least the loan prime rate; for second-time home buyers it must be at least LPR plus 60bp.
August 28, 2019The new market-oriented mechanism for calculating the Loan Prime Rate is expected to lower the cost of borrowing nationwide.
August 19, 2019