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China Bank Funding Costs Hit Record Low on PBOC Rate Shift

Bloomberg Markets Thursday 05 November 2026, 04:27 UTC By Jiefei Liu and Shulun Huang 1 min read
Key Points

China Bank Funding Costs Hit Record Low on PBOC Rate Shift Yields on short-term debt issued by Chinese banks dropped to a record low after the central bank transitioned to the overnight repo rate as its primary policy anchor, in a move seen by markets as de facto easing. Yields on the one-year negotiable certificates of deposit, or NCDs, issued by China’s top-rated lenders, dropped to 1.39% on Wednesday, according to Bloomberg data going back to October 2015.

China Bank Funding Costs Hit Record Low on PBOC Rate Shift Yields on short-term debt issued by Chinese banks dropped to a record low after the central bank transitioned to the overnight repo rate as its primary policy anchor, in a move seen by markets as de facto easing. Yields on the one-year negotiable certificates of deposit, or NCDs, issued by China’s top-rated lenders, dropped to 1.39% on Wednesday, according to Bloomberg data going back to October 2015.
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