Pan Gongsheng, Governor of the People's Bank of China, said at the 2026 Financial Street Forum annual meeting that he would withdraw from the benchmark interest rate for deposits and loans. As interest rate marketization reforms advance, the benchmark interest rate for deposits and loans has gradually been replaced by market-based pricing benchmarks. Bank loan interest rates already have various pricing benchmarks, such as the loan market quoted interest rate and bank overnight repurchase interest rates; starting in the first quarter of this year, the People's Bank of China announced the average interest rate on deposits for each term as a reference for bank deposit pricing. In the next step, the People's Bank of China will push to replace interest accrual bases in these fields with market-based interest rate indicators to achieve the benchmark interest rate for withdrawing from financial institution deposits and loans.

Pan Gongsheng, Governor of the People's Bank of China, said at the 2026 Financial Street Forum annual meeting that he would withdraw from the benchmark interest rate for deposits and loans. As interest rate marketization reforms advance, the benchmark interest rate for deposits and loans has gradually been replaced by market-based pricing benchmarks. Bank loan interest rates already have various pricing benchmarks, such as the loan market quoted interest rate and bank overnight repurchase interest rates; starting in the first quarter of this year, the People's Bank of China announced the average interest rate on deposits for each term as a reference for bank deposit pricing. In the next step, the People's Bank of China will push to replace interest accrual bases in these fields with market-based interest rate indicators to achieve the benchmark interest rate for withdrawing from financial institution deposits and loans.