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China's central bank first quoted on Tuesday after announcing the introduction of the loan market quotation rate (LPR) mechanism. One-year LPR fell by 6 basis points (bp) to 4.25%, and the new five-year or more interest rate was 4.85%. Compared with the current benchmark lending rates of the above two periods, they are 10 BP and 5 BP lower respectively, which is equivalent to an asymmetric interest rate reduction.
According to the current benchmark lending rate of the central bank, the rate within one year (including one year) is 4.35%, and that over five years is 4.90%. The latest adjustment was on October 24, 2015, when interest rates were cut by 25 basis points.
Today's one-year LPR rate is 4.25%, 6 bp lower than the previous 16-month flat offer rate of 4.31%. This LPR is valid before the next LPR release.
The central bank announced last Saturday that the interest rate quoted in the loan market will be announced by the National Interbank Borrowing Center at 9:30 a.m. on Tuesday (20). The quotation rate quotation Bank of the loan market quotes to the National Interbank Borrowing Center in the form of the open market operating interest rate (mainly the one-year medium-term lending convenience rate) plus a point. This is aimed at deepening the reform of interest rate marketization, improving the efficiency of interest rate transmission, and promoting the reduction of the financing cost of the real economy.
On the basis of the original one-year one-term variety, the new LPR of the Central Bank will increase the five-year term variety to provide reference for the interest rate pricing of long-term loans such as housing mortgage loans issued by banks, and also facilitate the smooth transition from the pricing benchmark of long-term floating rate loan contracts to LPR in the future.


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