PBOC's Pan, speaking at the opening of the 2026 Financial Street Forum, said the central bank will push reforms to loan-rate pricing benchmarks, shifting from sole reliance on the LPR to a more diversified set of references. Once alternative benchmarks are established, creditworthy corporates may, after negotiation with lenders, choose the interbank overnight repo rate or the LPR as the floating-rate loan reference; the LPR will continue to serve as the benchmark for small-business and retail lo

PBOC's Pan, speaking at the opening of the 2026 Financial Street Forum, said the central bank will push reforms to loan-rate pricing benchmarks, shifting from sole reliance on the LPR to a more diversified set of references. Once alternative benchmarks are established, creditworthy corporates may, after negotiation with lenders, choose the interbank overnight repo rate or the LPR as the floating-rate loan reference; the LPR will continue to serve as the benchmark for small-business and retail loans. Bond and financial-derivatives pricing could also consider the interbank overnight repo rate as an option. The PBOC said it will issue policy guidance when appropriate and continue reforming the LPR quoting mechanism to improve quote quality.