(Percent)
China's two policy rates. 2 series: 1-year loan prime rate (BIS), 7-day reverse repo (PBOC). Latest, Oct 2026: 1-year loan prime rate (BIS) 3.00% (Sep 2026); 7-day reverse repo (PBOC) 1.40%.
The BIS series for China, used on the main chart, is the 1-year loan prime rate, a bank lending rate the PBOC guides. Since mid-2024 the PBOC has named the 7-day reverse repo rate its main policy rate. That line starts in June 2024 and shows the rate on the last 7-day operation of each month; the PBOC publishes no series of it, only one announcement per operation.
See also: Laurence Wilse-Samson, "Global Finance: A Money View", chapter 15, Central Bank Operations
Classroom exerciseCompare the dates of the 7-day rate cuts with the loan prime rate cuts that followed. How long does the lending rate take to follow the policy rate, and does it move by the same amount? Teach page
Cite asBalance of Power, "China's two policy rates", data through Oct 2026. Source: BIS central bank policy rates (WS_CBPOL, China); People's Bank of China open market operation announcements for the 7-day reverse repo rate; Balance of Power calculations.
| Date | 1-year loan prime rate (BIS) | 7-day reverse repo (PBOC) |
|---|---|---|
| Mar 2026 | 3.00 | 1.40 |
| Apr 2026 | 3.00 | 1.40 |
| May 2026 | 3.00 | 1.40 |
| Jun 2026 | 3.00 | 1.40 |
| Jul 2026 | 3.00 | 1.40 |
| Aug 2026 | 3.00 | 1.40 |
| Sep 2026 | 3.00 | 1.40 |
| Oct 2026 | — | 1.40 |
With: Policy rates at the centre and the periphery
| Column | Source | Series key | Status | Data through |
|---|---|---|---|---|
cn | bis | WS_CBPOL/M.CN | live | Sep 2026 |
cn7 | pboc | OMO/7D | live | Oct 2026 |