PBC Decides to Cut RMB Benchmark Deposit and Loan
Rates
The PBC has
decided to cut the RMB benchmark deposit and loan rates of financial
institutions as of October 30,
2008. The one-year benchmark
deposit rate and loan rate will be lowered from the current 3.87% to 3.60% and
from the current 6.93% to 6.66% respectively, both by 0.27 percentage points.
Benchmark deposit and loan rates for other maturities will be adjusted
accordingly. Interest rates on individual housing provident fund loans remain
unchanged.
|
Adjustment of RMB Benchmark Deposit and Loan Rates
Unit: %
|
|
Item
|
Rate(before adjustment)
|
Rate(after adjustment)
|
Adjustment
|
|
1.Household and corporate deposits
|
|
|
|
|
1.1 Demand deposits
|
0.72
|
0.72
|
0.00
|
|
1.2 Time
deposits of lump-sum deposit and withdrawal
|
|
|
|
|
3-month
|
3.15
|
2.88
|
-0.27
|
|
6-month
|
3.51
|
3.24
|
-0.27
|
|
1-year
|
3.87
|
3.60
|
-0.27
|
|
2- year
|
4.41
|
4.14
|
-0.27
|
|
3-year
|
5.13
|
4.77
|
-0.36
|
|
5- year
|
5.58
|
5.13
|
-0.45
|
|
2.Loans
|
|
|
|
|
6-month
|
6.12
|
6.03
|
-0.09
|
|
1-year
|
6.93
|
6.66
|
-0.27
|
|
1 to 3-year
|
7.02
|
6.75
|
-0.27
|
|
3 to 5-year
|
7.29
|
7.02
|
-0.27
|
|
Over 5-year
|
7.47
|
7.20
|
-0.27
|
|
3. Individual housing provident fund
loans
|
|
|
|
|
Below 5-year (inclusive)
|
4.05
|
4.05
|
0.00
|
|
Above 5-year
|
4.59
|
4.59
|
0.00
|
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