The benchmark interest rate in China was last recorded at 3 percent. This dataset provides the latest reported value for - China Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about China Policy Rate

• China cash rate (Policy Rate: Month End: China: 7 Day Reverse Repurchase Rate) was set at 1.40 % pa in Nov 2025, compared with 1.40 % pa in the previous Oct 2025.
• China Policy Rate averaged 2.55 % pa and is updated monthly, available from May 2012 to Nov 2025.
• The data reached an all-time high of 4.40 % pa in Jul 2013 and a record low of 1.40 % pa in Nov 2025.

• In the latest reports, China Short Term Interest Rate: Month End: SHIBOR: 3 Months was reported at 1.58 % pa in Nov 2025.
• Its Long Term Interest Rate (Treasury Bond Yield: Interbank: Spot Yield: 10 year) was reported at 1.86 % pa in Nov 2025.
• China Exchange Rate against USD averaged 7.12 (USD/RMB) in Oct 2025.
• Its Real Effective Exchange Rate was 130.02 in Oct 2025.

In September 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In September 2025, Russia maintained the highest interest rate at 17 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at -0.3 percent in September 2025. In contrast, Russia maintained a high inflation rate of 8 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.

Lending Rate in China remained unchanged at 4.35 percent in October from 4.35 percent in September of 2022. This dataset provides - China Prime Lending Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The benchmark interest rate in Hong Kong was last recorded at 4.25 percent. This dataset provides the latest reported value for - Hong Kong Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Each bank publishes information on current accounts, savings deposits, fixed deposits, fixed-term savings deposits, and various interest rates such as mortgage index rates and benchmark rates. (Data for that day)

1 Year MLF Rate in China remained unchanged at 2 percent in January. This dataset includes a chart with historical data for China One-Year Medium-Term Lending Facility Rate.

China Required Reserve Ratio data was reported at 6.200 % in 02 Dec 2025. This stayed constant from the previous number of 6.200 % for 01 Dec 2025. China Required Reserve Ratio data is updated daily, averaging 9.400 % from Sep 2003 (Median) to 02 Dec 2025, with 8109 observations. The data reached an all-time high of 17.000 % in 29 Feb 2016 and a record low of 6.200 % in 02 Dec 2025. China Required Reserve Ratio data remains active status in CEIC and is reported by The People's Bank of China. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MA: Required Reserve Ratio . In view of the fact that the cut of the RRR effective from 15 Oct 2018 was not for all depository institutions, it could not be updated accordingly. Afterwards, if the official has disclosed the exact data of the ratio, it will be updated accordingly. Release date: 07 Oct 2018 In view of the fact that the cut of the RRR effective from 5 July 2018 was not for all depository institutions, it could not be updated accordingly. Afterwards, if the official has disclosed the exact data of the ratio, it will be updated accordingly. Release date: 24 June 2018 In view of the fact that the cut of the RRR effective from 25 April 2018 was not for all depository institutions, it could not be updated accordingly. Afterwards, if the official has disclosed the exact data of the ratio, it will be updated accordingly. Release date: 17 April 2018

Loan Prime Rate 5Y in China remained unchanged at 3.50 percent in November. This dataset includes a chart with historical data for China Loan Prime Rate 5Y.

Lower Limit of First Home Mortgage Rate: above LPR: Beijing data was reported at -0.450 % Point in 02 Dec 2025. This stayed constant from the previous number of -0.450 % Point for 01 Dec 2025. Lower Limit of First Home Mortgage Rate: above LPR: Beijing data is updated daily, averaging 0.550 % Point from Oct 2019 (Median) to 02 Dec 2025, with 2248 observations. The data reached an all-time high of 0.550 % Point in 25 Jun 2024 and a record low of -0.450 % Point in 02 Dec 2025. Lower Limit of First Home Mortgage Rate: above LPR: Beijing data remains active status in CEIC and is reported by The People's Bank of China. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MA: Lower Limit of First Home Mortgage Rate: Prefecture Level City. After adjustment on December 15, 2023: the lower limits of the first and second sets of interest rate policies in the six districts of the city are respectively no less than the market quoted interest rate for loans of the corresponding period plus 10 basis points, and no less than the market quoted interest rate for loans of the corresponding period plus 60 basis points; The lower limits of the first and second sets of interest rate policies in the six non-urban districts are not lower than the market quoted interest rate for loans of the corresponding period, and not lower than the market quoted interest rate for loans of the corresponding period plus 55 basis points.

Reverse Repo Rate in China remained unchanged at 1.40 percent in October. This dataset provides - China Reverse Repo Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Mortgage interest rates worldwide varied greatly in June 2025, from less than ******percent in many European countries to as high as ***percent in Turkey. The average mortgage rate in a country depends on the central bank's base lending rate and macroeconomic indicators such as inflation and forecast economic growth. Since 2022, inflationary pressures have led to rapid increases in mortgage interest rates. Which are the leading mortgage markets? An easy way to estimate the importance of the mortgage sector in each country is by comparing household debt depth, or the ratio of the debt held by households compared to the county's GDP. In 2024, Switzerland, Australia, and Canada had some of the highest household debt to GDP ratios worldwide. While this indicator shows the size of the sector relative to the country’s economy, the value of mortgages outstanding allows to compare the market size in different countries. In Europe, for instance, the United Kingdom, Germany, and France were the largest mortgage markets by outstanding mortgage lending. Mortgage lending trends in the U.S. In the United States, new mortgage lending soared in 2021. This was largely due to the growth of new refinance loans that allow homeowners to renegotiate their mortgage terms and replace their existing loan with a more favorable one. Following the rise in interest rates, the mortgage market cooled, and refinance loans declined.

In 2024, the average annual inflation rate in China ranged at around 0.2 percent compared to the previous year. For 2025, projections by the IMF expect nearly no inflation. The monthly inflation rate in China dropped to negative values in the first quarter of 2025. Calculation of inflation The inflation rate is calculated based on the Consumer Price Index (CPI) for China. The CPI is computed using a product basket that contains a predefined range of products and services on which the average consumer spends money throughout the year. Included are expenses for groceries, clothes, rent, power, telecommunications, recreational activities, and raw materials (e.g. gas, oil), as well as federal fees and taxes. The product basked is adjusted every five years to reflect changes in consumer preference and has been updated in 2020 for the last time. The inflation rate is then calculated using changes in the CPI. As the inflation of a country is seen as a key economic indicator, it is frequently used for international comparison. China's inflation in comparison Among the main industrialized and emerging economies worldwide, China displayed comparatively low inflation in 2023 and 2024. In previous years, China's inflation ranged marginally above the inflation rates of established industrialized powerhouses such as the United States or the European Union. However, this changed in 2021, as inflation rates in developed countries rose quickly, while prices in China only increased moderately. According to IMF estimates for 2024, Zimbabwe was expected to be the country with the highest inflation rate, with a consumer price increase of about 561 percent compared to 2023. In 2023, Turkmenistan had the lowest price increase worldwide with prices actually decreasing by about 1.7 percent.

The industry closely follows global economic performance since demand for loans is heavily influenced by business and consumer confidence, as well as the level of activity that requires financing. The strong global economic performance, fueled by the United States and emerging markets such as China and Southeast Asia, is expected to improve from increased aggregate private investment, which has supported loan origination. However, elevated interest rates during the period limited loan demand, although higher interest rates enabled global commercial banks to generate greater interest income on loans originated. Overall, global commercial banks' revenue has grown at a CAGR of 4.3% to $3,862.4 billion over the past five years, including an expected decrease of 0.5% in 2025 alone. Also, industry profit has grown substantially during the period and will account for 45.8% in the current year. Strong performance in the United States and China for most of the last five years has bolstered economic activity. The growth in interest rates throughout the period has limited loan originations, although businesses have maintained demand for loans to expand and improve operational efficiencies. The high interest rate environment has boosted industry profit, supporting efforts by major players to consolidate operations. The interest rate environment has reversed in the latter part of the period as the Fed and other central banks have slashed rates, which has increased demand for loans such as business loans and mortgages. With rates being cut, industry profit growth is anticipated to slow. Industry revenue is expected to grow as the global economy continues to expand and economic volatility is anticipated to fade. In addition, interest rates are expected to be cut further at the onset of the outlook period if inflation continues to ease. Strong economic performance in emerging markets is anticipated to foment growth of commercial banking activity in various countries and aid faster revenue growth over the next five years. But geopolitical tensions are expected to pose a threat to growth. Global commercial banks' revenue is expected to climb at a CAGR of 1.7% to $4,202.0 billion over the five years to 2030.

Graph and download economic data for Interest Rates: Long-Term Government Bond Yields: 10-Year: Main (Including Benchmark) for United States (IRLTLT01USM156N) from Apr 1953 to Oct 2025 about long-term, 10-year, bonds, yield, government, interest rate, interest, rate, and USA.

In 2019, the number of online peer-to-peer lending platforms in China was ***. The industry experienced a boom phase in which the number of platforms increased significantly over three years. After state-regulators had imposed restrictions on the industry in 2015, many platforms closed.

Cutting out the middleman

Peer-to-peer (P2P) lending platforms connect investors and borrowers directly without a financial institution as an intermediary. Typically, the platform assigns a potential borrower to a risk group that reflects the investment risk. Investors can then choose the risk group that meets their expectation of risk and return on investment.

The success of the platforms originated from a lack of regulation of the industry and low interest rates offered to depositors at commercial banks. The unregulated market allowed many platforms to open without being subjected to sufficient oversight or being obligated to provide adequate consumer protection. As a result, the number of platforms increased quickly and, in an environment where bank investment was not even offsetting inflation, the significantly higher returns on investment became a very attractive alternative for Chinese savers.

Underregulation, deception, and turmoil

The rapid development of the peer-to-peer lending industry and a lack of regulation allowed many dubious platform operators to take advantage of consumers. Potential investors were lured in with promises of high returns on investment. However, in many cases, the platforms were mismanaged or outright criminal. The most common issue being that a platform operator would simply disappear along with any investments made on the platform. This left many investors in despair and led to a wave of protests directed at the authorities who were unable to protect them.

As a response, the government announced the introduction of regulatory measures in 2015. Among other regulations, the new measures required operators to deposit funds at a commercial bank and register their platform with their relevant financial regulatory authority. As a result, most platforms stopped operation, reducing the total number of platforms from ***** in 2015 to *** in 2019.

The yield on China 10Y Bond Yield held steady at 1.83% on December 2, 2025. Over the past month, the yield has edged up by 0.07 points, though it remains 0.16 points lower than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. China 10-Year Government Bond Yield - values, historical data, forecasts and news - updated on December of 2025.

Central Bank Digital Currency (CBDC) Wallets Market Outlook

According to our latest research, the Global Central Bank Digital Currency (CBDC) Wallets market size was valued at $1.8 billion in 2024 and is projected to reach $12.5 billion by 2033, expanding at a CAGR of 23.8% during 2024–2033. One of the major factors fueling this robust growth is the surge in government-led digital currency initiatives, which are driving banks, financial institutions, and technology vendors to accelerate the development and adoption of secure, scalable CBDC wallet solutions. As central banks worldwide advance their digital currency pilots and rollouts, demand for compliant, user-friendly, and interoperable wallet platforms is expected to rise sharply, transforming both retail and institutional payment landscapes.

Regional Outlook

North America currently holds the largest share of the global CBDC wallets market, accounting for approximately 36% of the total market value in 2024. This dominance is largely attributable to the region's mature financial infrastructure, high digital literacy rates, and proactive regulatory environment. The United States and Canada have been at the forefront of digital currency research, with several pilot programs and collaborations between central banks and technology firms. These initiatives have fostered a conducive ecosystem for wallet providers, enabling rapid product innovation and seamless integration with legacy banking systems. Furthermore, the presence of leading fintech companies and robust cybersecurity frameworks has ensured that North America remains a critical hub for CBDC wallet development and adoption.

The Asia Pacific region is projected to be the fastest-growing market for CBDC wallets, with an estimated CAGR of 28.4% through 2033. This rapid expansion is driven by significant investments in digital infrastructure, a large unbanked population, and aggressive government-led digital currency projects, especially in China, India, and South Korea. The People's Bank of China’s digital yuan initiative has already achieved considerable scale, and similar projects are gaining traction across Southeast Asia. The region’s dynamic fintech ecosystem, coupled with strong mobile payment penetration and supportive policy frameworks, is fueling the adoption of CBDC wallets across both urban and rural areas. As a result, Asia Pacific is expected to contribute substantially to the global CBDC wallet market’s growth over the next decade.

Emerging economies in Latin America, the Middle East, and Africa are witnessing growing interest in CBDC wallets, although adoption rates remain comparatively modest. In these regions, challenges such as limited digital infrastructure, regulatory uncertainty, and varying levels of financial inclusion have slowed the pace of market penetration. However, governments are increasingly recognizing the potential of CBDCs to enhance financial inclusion, reduce transaction costs, and combat illicit financial activities. Targeted policy interventions, capacity-building initiatives, and international collaborations are gradually addressing these barriers, paving the way for localized wallet solutions tailored to the unique needs of these markets. As digital literacy improves and regulatory clarity emerges, these regions are expected to become important growth frontiers for CBDC wallet providers.

Report Scope