Please find below a chart for the 1-year lending rate, People’s Bank of China (PBC) main interest rate. The chart begins in 1991.
The PBC conducts its monetary policy using many tools. The 1-year lending rate (reference for refinancing operation with banks, maturity 1Y) is commonly used as a benchmark for monetary policy. The PBC also frequently adjusts its reserve requirement ratio imposed to domestic banks.
The People’s Bank of China is not independent. Decisions taken are closely linked to the Chinese government’s assessment regarding the economic outlook and foreign exchange policy (peg to the USD or controlled appreciation). The PBC does not set a target for inflation. The PBC hike or lower the 1-year lending rate often by surprise.
The PBC conducts its monetary policy using many tools. The 1-year lending rate (reference for refinancing operation with banks, maturity 1Y) is commonly used as a benchmark for monetary policy. The PBC also frequently adjusts its reserve requirement ratio imposed to domestic banks.
The People’s Bank of China is not independent. Decisions taken are closely linked to the Chinese government’s assessment regarding the economic outlook and foreign exchange policy (peg to the USD or controlled appreciation). The PBC does not set a target for inflation. The PBC hike or lower the 1-year lending rate often by surprise.
People’s Bank of China interest rate
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