China keeps 1-year LPR at 3.0% and 5-year-plus LPR at 3.5% in October
In short
China's loan prime rates were unchanged in October: the 1-year LPR stayed at 3.0% and the 5-year-plus LPR at 3.5%. The People's Bank of China authorised the National Interbank Funding Center to publish the rates on 20 October. Jiemian News quoted an analyst who said a near-term cut is unlikely.
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China's loan prime rates were left unchanged in October. The 1-year LPR is 3.0% and the 5-year-plus LPR is 3.5%, the same as the month before, according to CLS, 36Kr, Yicai, China News Service and Jiemian News. [ 2 , 3 , 4 , 5 , 6 ]
China News Service, citing the central bank's website, said the People's Bank of China authorised the National Interbank Funding Center to publish the rates on 20 October 2026. The rates stay valid until the next LPR release. [ 5 ]
Jiemian News said the 7-day reverse repo rate, the main policy rate, has been unchanged for 17 consecutive months since it was cut in May 2025, so the basis for LPR pricing did not change this month. The LPR was last adjusted in May 2025, when the 1-year and 5-year-plus rates were each cut by 10 basis points. Jiemian News also said that banks quote the LPR as a markup on the 7-day reverse repo rate, and that the rate is calculated by the National Interbank Funding Center. [ 6 ]
Wang Qing, chief macro analyst at Dongfang Jincheng, told Jiemian News that the stable quotes reflect third-quarter GDP growth recovering to 4.5%. He said monetary policy is giving priority to structural tools. He said a short-term LPR cut is unlikely after the 29 September changes to structural tools. These included a 0.25 percentage point cut in the PSL rate and a 500 billion increase in relending quotas for agriculture and small firms. He added that the finance ministry, with the central bank and the financial regulator, issued an interest subsidy for some first-home mortgage loans. Wang said a period of observing the effects would follow. [ 6 ]
Jiemian News also reported that central bank governor Pan Gongsheng said on 19 October at the 2026 Financial Street Forum that the monetary policy framework is changing gradually. He said a focus is a reform of loan pricing benchmarks, away from reliance mainly on the LPR toward more varied benchmarks. Wang said banks in some provinces have started issuing loans priced on DR, which would give loans an LPR-plus-DR pricing basis. [ 6 ]
Why it matters
The LPR provides a pricing reference for bank loans, so unchanged rates leave that reference where it was. Jiemian News quoted an analyst who expects a period of watching the effects of recent structural measures rather than a quick cut.
Key facts
- The 1-year LPR for 20 October 2026 is 3.0%, unchanged from the previous month. [ 2 , 3 , 5 , 6 ]
- The 5-year-plus LPR is 3.5%, unchanged from the previous month. [ 2 , 3 , 5 , 6 ]
- The People's Bank of China authorised the National Interbank Funding Center to publish the rates, which stay valid until the next LPR release. [ 5 , 6 ]
- The 7-day reverse repo rate, the main policy rate, has been unchanged for 17 consecutive months since it was cut in May 2025. [ 6 ]
- The LPR was last adjusted in May 2025, when both the 1-year and 5-year-plus rates were cut by 10 basis points. [ 6 ]
Confirmed by several sources
Still unclear
- Whether the LPR will be cut in the near term. Only analyst Wang Qing of Dongfang Jincheng, quoted by Jiemian News, addresses this, and he sees a short-term cut as unlikely.
- How far loan pricing will move to a dual LPR and DR benchmark. Wang Qing said banks in some provinces have begun issuing DR-based loans; no other document covers this.
What local media are saying
Timeline, local time
- CLS and 36Kr report the October LPR: 1-year at 3.0% and 5-year-plus at 3.5%, both unchanged. [ 2 , 3 ]
- Yicai reports that both rates were kept unchanged. [ 4 ]
- China News Service reports the rates from the central bank's website. [ 5 ]
- Jiemian News publishes an analysis on whether further cuts will follow. [ 6 ]