Pan Gongsheng, Governor of the People's Bank of China, said at the 2026 Financial Street Forum annual meeting that the reform of loan interest rate pricing benchmarks will be promoted from a relatively single reference to interest rate pricing in the loan market to more diverse pricing benchmarks. In the future, as diversified loan pricing benchmarks continue to be improved, some enterprises with strong financial capabilities can independently choose the bank overnight repurchase rate or loan market quoted interest rate as the pricing benchmark for floating interest loans after negotiations with financial institutions, and the loan market quoted interest rate can continue to play a role as a pricing benchmark for small businesses and personal loans. The pricing benchmark for bonds and financial derivatives can also consider bank overnight repurchase rates as an option. The People's Bank of China will take the opportunity to issue policy guidelines to guide financial institutions to do relevant work. At the same time, it will also continue to reform and improve the quoting mechanism for quoted interest rates in the loan market to improve the quality of quotations.

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