PBoC Interest Rate Decision
The People’s Bank of China’s (PBoC) Monetary Policy Committee (MPC) holds scheduled meetings on a quarterly basis. However, China’s benchmark interest rate – the loan prime rate (LPR), a pricing reference for bank lending – is fixed every month. If the PBoC forecasts high inflation (hawkish) it raises interest rates, which is bullish for the Renminbi (CNY). Likewise, if the PBoC sees inflation in the Chinese economy falling (dovish) and cuts or keeps interest rates unchanged, it is bearish for CNY. Still, China’s currency doesn’t have a floating exchange rate determined by markets and its value against the US Dollar is fixed mainly by the PBoC on a daily basis.
Next Event -
The typical/expected impact on CNY pairs is Medium.
Lower numbers than forecast tend to be bullish for xxx/CNY pairs and bearish for CNY/xxx pairs.
Past Events
| Date | Time | Actual | Consensus |
|---|---|---|---|
| 20 August 2026 | 01:15 | 3% | 3% |
| 20 July 2026 | 01:15 | 3% | 3% |
| 22 June 2026 | 01:15 | 3% | 3% |
| 20 May 2026 | 01:15 | 3% | 3% |
| 20 April 2026 | 01:15 | 3% | 3% |
| 20 March 2026 | 01:15 | 3% | 3% |
| 24 February 2026 | 01:04 | 3% | 3% |
| 20 January 2026 | 01:15 | 3% | 3% |
| 22 December 2025 | 01:00 | 3% | 3% |
| 20 November 2025 | 01:00 | 3% | 3% |
| 20 October 2025 | 01:15 | 3% | 3% |
| 22 September 2025 | 01:15 | 3% | 3% |
| 20 August 2025 | 01:00 | 3% | 3% |
| 21 July 2025 | 01:15 | 3% | 3% |
| 20 June 2025 | 01:15 | 3% | 3% |
| 20 May 2025 | 01:15 | 3% | 3% |
| 21 April 2025 | 01:00 | 3.1% | 3.1% |
| 20 March 2025 | 01:15 | 3.1% | 3.1% |
| 20 February 2025 | 01:15 | 3.1% | 3.1% |
| 20 January 2025 | 01:15 | 3.1% | 3.1% |