China’s October lending benchmarks remain at 3.0% for one year and 3.5% for maturities over five years, according to the newly published loan prime rate notice and Reuters’ report that both rates were unchanged.

The National Interbank Funding Center issued the October 20 announcement under authorization from the People’s Bank of China. Its notice says the published rates remain effective until the next LPR release.

A reference for bank lending

CFETS’s English-language explanation describes the LPR as a pricing reference for bank loans. Twenty quoting banks submit rates, and the centre calculates an average after excluding the highest and lowest submissions, then rounds to the nearest 0.05 percentage points.

The two published maturities are one year and over five years. These benchmark figures should not be confused with a statement that every borrower receives an identical loan rate.

Announcement date differs across time zones

The official notice is timestamped 9 a.m. October 20 in China—9 p.m. October 19 in Toronto. This is an October policy release, not a forecast of the next decision.

Sources: NIFC’s full October 20 announcement; CFETS’s LPR methodology; Reuters’ October 20 report.

Conceptual editorial illustration of Chinese bank lending and LPR benchmarks, not an actual bank, official document or market chart.