FED minus PBOC (USD/CNY)
• Coverage: 1996–2026
Federal Reserve vs. China PBoC Interest Rate Spread (1996–2026)
Historical policy rate spread between the Federal Reserve (FED Policy Rate) and the People's Bank of China (PBOC Policy Rate). As of Sep 2026, FED stands at 3.88% vs. PBOC at 3.00%, resulting in a bilateral policy rate differential of +88 bps (+0.88 percentage points).
Current Spread (Sep 2026)
+88 bps
FED: 3.88% · PBOC: 3.00%
Mean Spread (1996–2026)
-282 bps
31 overlapping years
Widest Positive Spread (2023)
+193 bps
Maximum FED premium over PBOC Lowest / Negative Spread (2011)
-644 bps
Minimum FED minus PBOC differential
FED (Blue) vs. PBOC (Amber) Policy Rates (1996–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (FED minus PBOC, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Federal Reserve · Amber: People's Bank of China
Annual FED vs. PBOC Policy Rate Differential Ledger (1996–2026)
| Year | FED Policy Rate | PBOC Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 3.88% | 3.00% | +0.88 pp | +88 bps |
| 2025 | 3.62% | 3.00% | +0.62 pp | +62 bps |
| 2024 | 4.38% | 3.10% | +1.28 pp | +128 bps |
| 2023 | 5.38% | 3.45% | +1.93 pp | +193 bps |
| 2022 | 4.38% | 3.65% | +0.73 pp | +73 bps |
| 2021 | 0.12% | 3.80% | -3.68 pp | -368 bps |
| 2020 | 0.12% | 3.85% | -3.73 pp | -373 bps |
| 2019 | 1.62% | 4.15% | -2.53 pp | -253 bps |
| 2018 | 2.38% | 4.35% | -1.97 pp | -197 bps |
| 2017 | 1.38% | 4.35% | -2.97 pp | -297 bps |
| 2016 | 0.62% | 4.35% | -3.73 pp | -373 bps |
| 2015 | 0.38% | 4.35% | -3.97 pp | -397 bps |
| 2014 | 0.12% | 5.60% | -5.48 pp | -548 bps |
| 2013 | 0.12% | 6.00% | -5.88 pp | -588 bps |
| 2012 | 0.12% | 6.00% | -5.88 pp | -588 bps |
| 2011 | 0.12% | 6.56% | -6.44 pp | -644 bps |
| 2010 | 0.12% | 5.81% | -5.69 pp | -569 bps |
| 2009 | 0.12% | 5.31% | -5.19 pp | -519 bps |
| 2008 | 0.12% | 5.31% | -5.19 pp | -519 bps |
| 2007 | 4.25% | 7.47% | -3.22 pp | -322 bps |
| 2006 | 5.25% | 6.12% | -0.87 pp | -87 bps |
| 2005 | 4.25% | 5.58% | -1.33 pp | -133 bps |
| 2004 | 2.25% | 5.58% | -3.33 pp | -333 bps |
| 2003 | 1.00% | 5.31% | -4.31 pp | -431 bps |
| 2002 | 1.25% | 5.31% | -4.06 pp | -406 bps |
| 2001 | 1.75% | 5.85% | -4.10 pp | -410 bps |
| 2000 | 6.50% | 5.85% | +0.65 pp | +65 bps |
| 1999 | 5.50% | 5.85% | -0.35 pp | -35 bps |
| 1998 | 4.75% | 6.39% | -1.64 pp | -164 bps |
| 1997 | 5.50% | 8.64% | -3.14 pp | -314 bps |
| 1996 | 5.25% | 10.08% | -4.83 pp | -483 bps |