The People’s Bank of China Reduced the Deposit & Loan Benchmark Interest Rate Again

The People’s Bank of China announced that the RMB deposit & loan benchmark interest rate of finance organizations will be reduced from October 30. The benchmark interest rate of one-year deposit will be reduced to 3.6% from present 3.87% with a decrease of 0.27 points; the benchmark interest rate of one-year loan will be reduced to 6.66% from present 6.93% with a decrease of 0.27 points; the rate of other deposits and loans will be reduced too. Individual housing accumulating fund loan rate will not be changed. This is the third time of rate reduction within one and a half months by the People’s Bank of China.