The best lending rate (LPR) is the basic lending reference rate calculated and published by the National Interbank Funding Center authorized by the People's Bank of China, and quoted by representative quotation banks in the form of open market operating rate (mainly referring to the medium-term lending convenience rate) according to the bank's lending rate to the best customers. All financial institutions should mainly refer to LPR for loan pricing. At present, LPR includes 1 year and more than 5 years. LPR has a high degree of marketization and can fully reflect the supply and demand of funds in the credit market. Using LPR for loan pricing can promote the marketization of loan interest rate and improve the transmission efficiency from market interest rate to credit interest rate.

On August 25th, 2020, 12, five state-owned banks, namely ICBC, China Construction Bank, Agricultural Bank of China, Bank of China and Postal Savings Bank, announced at the same time that individual housing loans within the range of batch conversion would be uniformly adjusted to the pricing method of LPR (loan market quotation rate) according to relevant rules.

Reply time: 2020- 10-09. Please refer to the latest business changes announced by Ping An Bank in official website.

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