The National Interbank Lending Center authorized by the People's Bank of China announced that the loan market quotation rate (LPR) on July 22, 2024 will be 3.35% for 1-year LPR and 3.85% for LPR over 5 years. The above LPR is valid until the next LPR is issued.
On June 20, 2024, the Loan Prime Rate (LPR) will be 3.45% for 1-year LPR and 3.95% for LPR over 5 years.
In order to strengthen the management of expectations and promote a better connection between the LPR release time and the operating hours of the financial market, from July 22, 2024, the LPR release time will be adjusted from 9:15 a.m. on the 20th of each month (postponed accordingly if it is a holiday) to 9:00.
This means that the central bank has cut both the one-year and five-year loan prime rates (LPRs) by 10 basis points. If calculated based on the commercial loan amount of 1 million yuan, the loan for 30 years, and the repayment of equal principal and interest, the LPR will decrease by 10 basis points, the monthly payment will be reduced by 57.3 yuan, and the cumulative monthly payment for 30 years will be reduced by 21,000 yuan.
Source | People's Bank of China Daily Economic News
Edit | Bu Feifei Editor-in-charge | Zhu Yu
Editor | Zhang Rui Producer | Huang Xinlei
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