PBC Decides to Cut RMB Benchmark Deposit and Loan
Rates and Reserve Requirement Ratio
In order to
further implement moderately loose monetary policy, the PBC has decided to cut the
one-year RMB benchmark deposit and loan rates both by 0.27 percentage points as
of December 23, 2008. Benchmark deposit and loan rates for
other maturities will be adjusted accordingly. The central bank lending rates
and rediscount rates will also be lowered.
The RMB reserve
requirement ratio for financial institutions will be lowered by 0.5 percentage
points as of December 25, 2008.
|
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
|
0.36
|
0.36
|
0.00
|
|
1.2 Time
deposits of lump-sum deposit and withdrawal
|
|
|
|
|
3-month
|
1.98
|
1.71
|
-0.27
|
|
6-month
|
2.25
|
1.98
|
-0.27
|
|
1-year
|
2.52
|
2.25
|
-0.27
|
|
2- year
|
3.06
|
2.79
|
-0.27
|
|
3-year
|
3.60
|
3.33
|
-0.27
|
|
5- year
|
3.87
|
3.60
|
-0.27
|
|
2.Loans
|
|
|
|
|
6-month
|
5.04
|
4.86
|
-0.18
|
|
1-year
|
5.58
|
5.31
|
-0.27
|
|
1 to 3-year
|
5.67
|
5.40
|
-0.27
|
|
3 to 5-year
|
5.94
|
5.76
|
-0.18
|
|
Over 5-year
|
6.12
|
5.94
|
-0.18
|
|
3. Individual housing provident fund
loans
|
|
|
|
|
Below 5-year (inclusive)
|
3.51
|
3.33
|
-0.18
|
|
Above 5-year
|
4.05
|
3.87
|
-0.18
|
Download the Document(MS WORD format)
