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 |
