The central bank will calculate the average of those rates and publish it at 9.30am on the 20th of every month, starting from Tuesday, as the benchmark rate for the whole banking industry to follow. Photo: Xinhua
China changes the way bank loan rates are set, with HSBC left out of rate-setting club
- Chinese central bank selects 18 lenders, including two foreign ones, to submit monthly rates that will be used to determine benchmark
- People’s Bank of China says it will lower financing costs for corporate and individual borrowers
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China economy
The central bank will calculate the average of those rates and publish it at 9.30am on the 20th of every month, starting from Tuesday, as the benchmark rate for the whole banking industry to follow. Photo: Xinhua