The benchmark interest rate of central bank loans is the guiding interest rate of rural credit cooperatives, and credit cooperatives have the right to raise or lower the loan interest rate according to the borrower's situation. The lower limit of the loan interest rate of rural credit cooperatives is 0.9 times of the benchmark interest rate, and the maximum floating coefficient is 2.3 times of the benchmark interest rate. 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.