Speaking at the 2026 Financial Street Forum opening, PBOC's Pan said the central bank will phase out deposit and loan benchmark rates. As interest-rate liberalization progresses, those benchmarks are being replaced by market-based pricing: banks already reference the loan prime rate (LPR) and the interbank overnight repo rate. Since Q1 the PBOC has published average deposit rates by tenor as a deposit-pricing reference. Next, the PBOC will push to replace interest-calculation bases with market-b

Speaking at the 2026 Financial Street Forum opening, PBOC's Pan said the central bank will phase out deposit and loan benchmark rates. As interest-rate liberalization progresses, those benchmarks are being replaced by market-based pricing: banks already reference the loan prime rate (LPR) and the interbank overnight repo rate. Since Q1 the PBOC has published average deposit rates by tenor as a deposit-pricing reference. Next, the PBOC will push to replace interest-calculation bases with market-based rate indicators to complete the exit of financial institutions' deposit and loan benchmark rates.