China policy interest rate
People's Bank of China 7-day reverse repurchase (逆回购) operation rate, conducted by fixed-rate, quantity-based tender in open market operations. Formally designated by the PBoC in 2024 as the central bank's primary/main policy rate, replacing the Medium-term Lending Facility (MLF) rate in that role. Adjusted at the PBoC's discretion (no fixed calendar).
| Current value | 1.4 percent |
|---|---|
| In force from | 2025-05-08 |
| Official source | 中国人民银行公开市场业务公告〔2025〕第1号 — 自2025年5月8日起，公开市场7天期逆回购操作利率由此前的1.50%调整为1.40% (PBoC Open Market Operations Announcement [2025] No.1: from 8 May 2025 the 7-day reverse repo operation rate is cut from 1.50% to 1.40%) |
| Last verified | 2026-07-23 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
THIS is the correct policy rate. Since 2024 the PBoC formally treats the 7-day reverse repo operation rate as its single main policy rate (Governor Pan Gongsheng, Lujiazui Forum June 2024), and now sets the 7-day rate by fixed-rate/quantity tender and lets other rates (14-day reverse repo, temporary overnight repo, and — indirectly — the LPRs) float off it. Cut 10bp from 1.50% to 1.40% effective 8 May 2025 as part of a 'moderately loose' (适度宽松) easing package (announced 7 May 2025, alongside a 0.5pp RRR cut); held at 1.40% through all operations to the confirmation date (still 1.40% in Dec 2025 and mid-2026 operations). DO NOT confuse with the lending benchmarks: the Loan Prime Rate (LPR), published on the 20th of each month by the National Interbank Funding Centre on PBoC authorisation, is a set of quoted LENDING rates derived from the 7-day repo rate, not the policy rate itself — as of the June 2026 fixing the 1-year LPR is 3.00% and the over-5-year LPR (mortgage benchmark) is 3.50% (both unchanged since May 2025). The Medium-term Lending Facility (MLF, 1-year) was the de-facto policy anchor before the 2024 reform but has been demoted to a pure liquidity tool — since 2025 the PBoC runs the MLF as a multiple-price (interest-rate) tender and no longer announces a single MLF 'policy' rate. Previous 7-day rate levels: 1.50% from 27 Sep 2024, 1.70% from 22 Jul 2024, 1.80% before that.
Earlier values
| From | Value | Source |
|---|---|---|
| 2024-07-22 | 1.7 | 中国人民银行公开市场业务公告 — 自2024年7月22日起，公开市场7天期逆回购操作利率由1.80%调整为1.70% ( |
| 2024-09-27 | 1.5 | 中国人民银行 — 自2024年9月27日起，公开市场7天期逆回购操作利率由1.70%调整为1.50% (PBoC: fr |
Get it programmatically
curl https://asiaref.dev/v1/cn/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://asiaref.dev/v1/cn/policy-rate/history?from=2020-01-01
# Provenance: curl https://asiaref.dev/provenance/cn/policy-rateOther China series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates