There is no ceiling on the interest rate that the country has liberalized, that is, the interest on bank loans. However, the loan interest rates of urban credit cooperatives and rural credit cooperatives are still subject to upper limit management, which is 2.3 times of the highest quasi-interest rate, and the downward trend of loan interest rates remains unchanged.

According to Article 2 on adjusting deposits and loans of financial institutions, the floating range of loan interest rates of financial institutions is relaxed.

1. No longer set the loan interest rate of financial institutions (except urban and rural credit cooperatives). For loans managed by commercial banks, the interest rate is no longer subject to the upper limit management, and the downward fluctuation of the loan interest rate remains unchanged. The loan interest rates of urban credit cooperatives and rural credit cooperatives are still subject to upper limit management, and the highest floating coefficient is 2.3 times of the benchmark loan interest rate. Individual housing loans, preferential loans and loans as otherwise stipulated in the State Council,

2. Establish a downward floating system of RMB deposit interest rate. Financial institutions take the benchmark interest rate of RMB deposits as the upper limit, the lower limit of deposit interest rate is 0, and the upper limit is the benchmark interest rate of deposits of all grades. Taking the adjusted one-year deposit interest rate (2.25%) as an example, financial institutions can independently determine that the interest rate cannot rise within the range of 0-2.25%. The scope of the deposit interest rate downward floating system includes RMB deposits of enterprises and institutions absorbed by financial institutions and RMB savings deposits of urban and rural residents.

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Determination of loan interest rate in Article 13 of the General Principles of Loans. The lender shall determine the interest rate of each loan according to the regulations of the People's Bank of China, and specify it in the loan contract.

Article 14 Calculation and collection of loan interest. The borrower and the borrower shall pay interest according to the loan contract and the provisions of the People's Bank of China. When the loan is extended at the new interest rate, the loan interest will be collected at the new interest rate from the date of extension. Penalty interest is charged for overdue loans according to regulations.