China's central bank holds benchmark loan prime rates steady for a 14th month; one-year at 3.00%, five-year at 3.50%

China's central bank (the PBOC) left its benchmark loan prime rates unchanged on Monday, July 20, 2026: the one-year rate, the reference for most household and corporate loans, stayed at 3.00%, and the five-year rate, which guides mortgage pricing, at 3.50%. It was the 14th consecutive month of steady rates and matched market expectations.

The decision came as China's economic growth in the second quarter of 2026 slowed to its weakest pace since the fourth quarter of 2022, with policymakers cautious about the fallout from the West Asia war. For Iran, whose largest oil buyer is China, the state of Chinese energy demand and the yuan's path carry direct significance. The PBOC set Monday's dollar-yuan reference rate at 6.7948.