People's Bank of China Promotes Diversification of Loan Interest Rate Pricing Benchmarks

The People's Bank of China has stated that it will promote the diversification of loan interest rate pricing benchmarks from a single reference of the Loan Prime Rate (LPR) to a more varied pricing benchmark. The bank will leverage the self-discipline mechanism of market interest rate pricing, strengthen the implementation and supervision of interest rate policies, continuously deepen the transparency of the comprehensive financing costs of corporate loans, reduce financing intermediary fees, and promote the overall social financing costs to remain at a low level.

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