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: % |
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|
Item |
Rate(before adjustment) |
Rate(after adjustment) |
Adjustment |
|
1.Household and corporate deposits |
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|
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 |
