China Policy Interest Rates (LPR, RRR)
All interest rates are set by the People's Bank of China, alongside the reserve requirement ratio.
| Indicator | 20-08-2026 | 20-07-2026 | 22-06-2026 | 20-05-2026 | 20-04-2026 | 20-03-2026 | 24-02-2026 | 20-01-2026 | 22-12-2025 | 20-11-2025 | 20-10-2025 | 22-09-2025 | 20-08-2025 | 21-07-2025 | 20-06-2025 | 20-05-2025 | 15-05-2025 | 08-05-2025 | 21-04-2025 | 20-03-2025 | 20-02-2025 | 20-01-2025 | 20-12-2024 | 20-11-2024 | 21-10-2024 | 27-09-2024 | 20-09-2024 | 20-08-2024 | 25-07-2024 | 22-07-2024 | 20-06-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1-year LPR | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.35 | 3.35 | 3.35 | 3.45 | |||||
| 5-year LPR | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.85 | 3.85 | 3.85 | 3.95 | |||||
| 1-year MLF interest rate | 2.3 | |||||||||||||||||||||||||||||||
| Overnight SLF interest rate | 2.25 | 2.35 | 2.55 | |||||||||||||||||||||||||||||
| 7-day SLF interest rate | 2.4 | 2.5 | 2.7 | |||||||||||||||||||||||||||||
| 1-month SLF interest rate | 2.75 | 2.85 | 3.05 | |||||||||||||||||||||||||||||
| Excess reserve interest rate | ||||||||||||||||||||||||||||||||
| Rediscount interest rate | ||||||||||||||||||||||||||||||||
| Reserve requirement ratio — Large financial institutions | 9 | 9.5 | ||||||||||||||||||||||||||||||
| Reserve requirement ratio — Small and medium-sized financial institutions | 6 | 6.5 |
Latest reading
1-year LPR stood at 3% in Aug 20, 2026. That is unchanged from a year earlier.
- Latest
- 3%
- Aug 20, 2026
- vs a year earlier
- 0.0 pp
About this data
All interest rates are set by the People's Bank of China, alongside the reserve requirement ratio. The 1-year and 5-year loan prime rates (LPR) serve as the benchmark for all credit in China, with the 5-year LPR acting as the anchor for mortgage rates. The 1-year MLF rate was the core policy interest rate from 2016 to 2024; the three SLF rates establish the ceiling of the interest rate corridor, while the interest rate on excess reserve deposits forms the floor. The reserve requirement ratio is a characteristic easing tool in China: each reduction releases trillions of yuan in liquidity. This is a step series—each data point represents an adjustment based on the effective date, remaining constant between changes. The MLF series stopped in August 2024 because, starting in October 2024, the operation shifted to multiple-price auctions, eliminating a single winning bid rate; the SLF series begins only in February 2021 as the central bank did not previously publish specific rates.
