At present, the benchmark "annual interest rate" of personal loans for more than five years announced by the People's Bank of China is 4.9%. If the annual deposit interest is 10000*4.9%=490 yuan. The interest for two years is 2 * (10000 * 4.9%) = 2 * 490 = 980 yuan, and so on. The benchmark interest rate for deposits and loans is the guiding interest rate for loans issued by the central bank (People's Bank of China) to commercial banks, and it is one of the monetary policies used by the central bank to regulate the operation of social economy and financial system. Commercial banks will formulate a portfolio of deposit interest rates based on this benchmark interest rate. Raising the benchmark interest rate means shrinking credit, reducing social mobility, raising the cost of credit and slowing down economic development. or vice versa, Dallas to the auditorium

The content of this article comes from People's Republic of China (PRC) Financial Code: Application Edition by China Law Publishing House.