China: PBoC Interest Rate - Loan Prime Rate 1Y

Macro

2026-04-01
Description

China's 1-Year Loan Prime Rate (LPR 1Y) is a benchmark interest rate published by the People's Bank of China (PBoC) and serves as a reference for short-term loan rates across the country.

The LPR 1Y is determined by the quotations from 18 designated banks, which base their rates on the Medium-term Lending Facility (MLF) rate plus a spread that considers funding costs and risk factors, enhancing the transmission of market rates to loan rates.

This rate is published on the 20th of each month, reflecting the average rate for short-term loans to prime customers.

Published by
People's Bank of China (Choice)
Frequency
Monthly
Next Update
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AI Data Insight

The People's Bank of China (PBOC) maintained the 1-year Loan Prime Rate (LPR) at 3.0% in the first quarter of 2026 (March), flat from the previous value, marking a record 10 consecutive months unchanged. This decision aligns with general market expectations, reflecting the central bank's inclination toward prudent operations amid early-year economic stabilization and pressure on banks' net interest margins. The market will focus on whether policy rate cuts will be rolled out in the second quarter to support the full-year growth target.

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AI Data Insight

The People's Bank of China (PBOC) maintained the 1-year Loan Prime Rate (LPR) at 3.0% in the first quarter of 2026 (March), flat from the previous value, marking a record 10 consecutive months unchanged. This decision aligns with general market expectations, reflecting the central bank's inclination toward prudent operations amid early-year economic stabilization and pressure on banks' net interest margins. The market will focus on whether policy rate cuts will be rolled out in the second quarter to support the full-year growth target.

Dive in →

You May Also Like

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Macro
Description

China's 1-Year Loan Prime Rate (LPR 1Y) is a benchmark interest rate published by the People's Bank of China (PBoC) and serves as a reference for short-term loan rates across the country.

The LPR 1Y is determined by the quotations from 18 designated banks, which base their rates on the Medium-term Lending Facility (MLF) rate plus a spread that considers funding costs and risk factors, enhancing the transmission of market rates to loan rates.

This rate is published on the 20th of each month, reflecting the average rate for short-term loans to prime customers.

Published by
People's Bank of China (Choice)
Frequency
Monthly
Next Update
Hashtags