state rate
The interest rate set by the People's Bank of China approved by the State Council and authorized by the State Council is the legal interest rate. The announcement and implementation of the statutory interest rate shall be the responsibility of the head office of the People's Bank of China.
benchmark interest rate
The deposit and loan interest rates of the People's Bank of China to commercial banks and other financial institutions are the benchmark interest rates. The benchmark interest rate is determined by the head office of the People's Bank of China.
contractual rate of interest
The lender shall make an agreement with the borrower according to the statutory loan interest rate and the floating collusion range stipulated by the People's Bank of China, and specify the interest rate of the specific loan in the loan contract.
With the approval of the State Council, the People's Bank of China decided to fully liberalize the control of loan interest rates of financial institutions from July 20, 20 13.
First, the lower limit of 0.7 times of the loan interest rate of financial institutions is abolished, and the loan interest rate level is determined by financial institutions independently according to commercial principles.
Three, the loan interest rate of rural credit cooperatives no longer set a ceiling.