China PBoC Benchmark Interest Rate (China) - Historical Data
Historical time series of the China PBoC Benchmark Interest Rate set by the People's Bank of China (PBOC) from 1996 to 2026. From 20 Aug 2019 onwards: Loan Prime Rate (1 year): from 1 Jan 1996 till 19 Aug 2019: Official lending rate (1 year). The latest benchmark reading is 3.00% (Sep 2026), corresponding to an ex-post real policy rate of +2.20% after adjusting for China headline CPI inflation (0.80%).
Current Statistics & Historical Records
Peak monetary tightening by People's Bank of China (China PBoC Benchmark Interest Rate).
Lowest policy interest rate stance set by People's Bank of China.
31 annual observations · Monthly
China PBoC Benchmark Interest Rate (China) (1996-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1996–2026) and recent monthly observations.
PBOC Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1996–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1990s | 1996–1999 | 7.74% | 10.08% (1996) | 5.85% (1999) |
| 2000s | 2000–2009 | 5.77% | 7.47% (2007) | 5.31% (2002) |
| 2010s | 2010–2019 | 5.15% | 6.56% (2011) | 4.15% (2019) |
| 2020s | 2020–2026 | 3.41% | 3.85% (2020) | 3.00% (2025) |
Complete Annual Historical Ledger (1996–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & People's Bank of China (WS_CBPOL:M:CN)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 3.00% | +2.10% | 3.00% – 3.00% | - |
| 2025 | 3.00% | +2.95% | 3.00% – 3.10% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 3.10% | +2.86% | 3.10% – 3.45% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 3.45% | +3.21% | 3.45% – 3.65% | - |
| 2022 | 3.65% | +1.74% | 3.65% – 3.70% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 3.80% | +2.95% | 3.80% – 3.85% | - |
| 2020 | 3.85% | +1.27% | 3.85% – 4.15% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 4.15% | +1.12% | 4.15% – 4.35% | - |
| 2018 | 4.35% | +2.42% | 4.35% – 4.35% | - |
| 2017 | 4.35% | +2.83% | 4.35% – 4.35% | - |
| 2016 | 4.35% | +2.23% | 4.35% – 4.35% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 4.35% | +2.81% | 4.35% – 5.60% | - |
| 2014 | 5.60% | +3.54% | 5.60% – 6.00% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 6.00% | +3.43% | 6.00% – 6.00% | - |
| 2012 | 6.00% | +3.39% | 6.00% – 6.56% | - |
| 2011 | 6.56% | +1.00% | 5.81% – 6.56% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 5.81% | +2.64% | 5.31% – 5.81% | - |
| 2009 | 5.31% | +6.03% | 5.31% – 5.31% | - |
| 2008 | 5.31% | -0.66% | 5.31% – 7.47% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 7.47% | +2.65% | 6.12% – 7.47% | - |
| 2006 | 6.12% | +4.47% | 5.58% – 6.12% | - |
| 2005 | 5.58% | +3.82% | 5.58% – 5.58% | - |
| 2004 | 5.58% | +1.71% | 5.31% – 5.58% | - |
| 2003 | 5.31% | +4.23% | 5.31% – 5.31% | - |
| 2002 | 5.31% | +6.02% | 5.31% – 5.85% | - |
| 2001 | 5.85% | +5.12% | 5.85% – 5.85% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 5.85% | +5.50% | 5.85% – 5.85% | - |
| 1999 | 5.85% | +7.25% | 5.85% – 6.39% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 6.39% | +7.16% | 6.39% – 8.64% | - |
| 1997 | 8.64% | +5.83% | 8.64% – 10.08% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 10.08% | +1.75% | 10.08% – 12.06% | - |
Frequently Asked Questions - PBOC Policy Rate
What is the current China PBoC Benchmark Interest Rate?
As of Sep 2026, the China PBoC Benchmark Interest Rate is 3.00% per annum. Adjusted for headline inflation (0.80%), the ex-post real policy rate in China stands at +2.20%.
What was the highest and lowest People's Bank of China interest rate on record?
Across the 1996-2026 archive, the China PBoC Benchmark Interest Rate reached a record high of 12.06% in Jan 1996 and a record low of 3.00% in May 2025. The long-run annual mean is 5.29%.
What is the People's Bank of China inflation target?
The People's Bank of China operates with an official inflation target of ~3.0% Annual CPI Ceiling. Its statutory mandate is: Maintain the stability of the value of the currency and thereby promote economic growth.
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & People's Bank of China
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:CN
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 20 Aug 2019 onwards: Loan Prime Rate (1 year): from 1 Jan 1996 till 19 Aug 2019: Official lending rate (1 year).
- Reporting agency: People's Bank of China; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Cite This Dataset (APA & BibTeX)
@misc{cbd_cbpol_china,
author = {CentralBankData.com},
title = {China PBoC Benchmark Interest Rate (China)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:CN},
year = {2026},
url = {https://centralbankdata.com/china-pboc-interest-rate}
}