The quoted interest rate in the loan market of the National Bank Fund Center is 3.7% for one year and 4.6% for five years or longer. The People's Bank of China authorized the National Interbank Funding Center to announce that on October 20th, 2022, the loan market quoted interest rate (LPR) was 3.7% for one year and 4.6% for five years and above. The above lpr is valid until the next lpr release. Loan market quotation (LPR) is determined by representative quotation banks. The lending rate, also known as the "lending market", refers to the ratio of lending interest to lending principal in the lending market. Generally, the free market interest rate is adopted, and it floats freely according to the supply and demand of market funds. When demand increases, it will rise, and vice versa. Three kinds of interest rates are widely used in the international market: London Interbank Offered Rate (LIBOR), Singapore Interbank Offered Rate (SIBOR) and Hong Kong Interbank Offered Rate (HIBOR). Interest rate is usually calculated on a daily basis and expressed as a percentage, which is divided into three forms: annual interest rate, monthly interest rate and daily interest rate.