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Starting from August 20, 2019, the People's Bank of China has authorized the National Interbank Funding Center to announce the announcement at 9:30 on the 20th of each month (postponed in case of holidays) The Loan Prime Rate (LPR), the benchmark lending rate of the People's Bank of China, has been cancelled.

Interest rate standards have different legal properties in different cases. In loan cases, interest rates are used as the standard for determining the amount of interest. In contract dispute cases, especially cases involving payment of money, interest rates are usually as the standard for determining the amount of damages. Financial loan contracts usually have clear interest rate agreements. In private loan cases, there are special judicial interpretations to solve the interest rate issue. These two categories are outside the scope of our discussion. Here we mainly discuss non-loan contract disputes.