China's central bank sets policy via the LPR, MLF tenders and RRR adjustments. Each is announced on a fixed schedule (LPR on the 20th, MLF mid-month). TNT delivers them sub-second, with USD/CNH and Hang Seng impact tagged.
Illustrative data · Live updates continuously in the Pro terminal
China is the second-largest economy and a major commodity importer. Every PBoC easing cycle ripples through copper, iron ore, oil, gold and EM currencies. The LPR, MLF and RRR are the three policy levers traders monitor.
The 1-Year and 5-Year Loan Prime Rate are set the 20th of each month at 09:15 Beijing time. The 1Y anchors corporate lending; the 5Y anchors mortgages. TNT delivers both rates sub-second from PBoC publication.
The Medium-term Lending Facility is the PBoC's main liquidity tool. MLF tenders happen mid-month, just before the LPR. A change in MLF rate or volume typically previews LPR direction.
Reserve Requirement Ratio adjustments are infrequent (1-3 per year) but enormous in scale: each 50bp cut releases ~1 trillion CNY into the banking system. TNT alerts the moment the PBoC announcement crosses the wire.
Each morning at 09:15 Beijing, the PBoC sets the daily USD/CNY reference rate. Deviations from market expectations signal PBoC's tolerance for yuan weakness. TNT tracks the fix and the gap to spot.
China's central bank uses multiple tools simultaneously. Understanding their interaction is non-negotiable for trading CNY, copper, iron ore or Hang Seng. TNT covers each.
The PBoC operates on a predictable monthly cycle. LPR on the 20th, MLF tender around the 15th, RRR changes announced 1-2 weeks ahead.
| Date (2026) | Bank | Current Rate | Consensus | Impact | Tone (Last) |
|---|---|---|---|---|---|
| Jun 15 | MLF Tender | 2.00% | Hold | HIGH | Neutral |
| Jun 20 | PBoC LPR (1Y/5Y) | 3.10% / 3.60% | –10bp possible | HIGH | Dovish |
| Jul 15 | MLF Tender | — | TBD | MED | Neutral |
| Jul 21 | PBoC LPR (1Y/5Y) | — | TBD | HIGH | Neutral |
Meeting dates verified against official central bank publications. Consensus reflects pre-meeting wire surveys. Live timeline and pricing updates inside the Pro terminal.
Access the dedicated central banks tracker from the TNT Pro sidebar. The panel shows all upcoming meeting dates with countdown timers, current benchmark rates and the last known tone for each bank — hawkish, dovish or neutral.
On meeting day, the news feed automatically elevates all central bank wires to the top. Rate decisions hit the feed the instant they are released — before TV, before most platforms. The squawk box reads out the decision audibly so you don't need to watch the screen.
TNT aggregates the full policy statement text alongside analyst commentary and speech transcripts as they drop. Forward guidance, dot plot changes, inflation outlook revisions — all tagged and searchable within seconds of release.
| Feature | TNT Pro | Investing.com | ForexFactory |
|---|---|---|---|
| Rate decision calendar | ✓ | ✓ | ✓ |
| Live speech tracking | ✓ | ✗ | ✗ |
| Hawkish/Dovish tone tagging | ✓ | ✗ | ✗ |
| Live squawk audio alerts | ✓ | ✗ | ✗ |
| Integrated news feed | ✓ | ✗ | ✗ |
| 12+ banks covered | ✓ | ✓ | ✓ |
| Price (monthly) | €40 | Free / $34.99+ | Free |
The LPR is China's de facto policy rate. Two tenors are published: 1-Year (corporate loan benchmark) and 5-Year (mortgage benchmark). Twenty major banks submit rates and the median becomes the official LPR, published on the 20th of each month at 09:15 Beijing time.
The MLF (Medium-term Lending Facility) is the PBoC's wholesale funding rate to banks — the actual policy lever. The LPR is set BY banks (median of 20) using the MLF as anchor. A change in the MLF rate typically precedes a change in the LPR by 5 days.
The PBoC controls rates indirectly through MLF and reserve requirements (RRR), not via direct policy rate announcements. It also runs USD/CNY through a daily fix with a ±2% trading band — a tool the Fed doesn't have. The PBoC is significantly more interventionist with both rates and currency.
A LPR cut signals easing, which typically weakens CNY at the margin. But CNY moves are constrained by the daily PBoC fix and the 2% trading band. The bigger CNY-mover is the daily fix itself: if the PBoC fixes weaker, CNY weakens; if stronger, CNY strengthens.
Yes. TNT tracks China NBS releases (CPI, PPI, GDP, retail sales, industrial production, trade balance), Caixin manufacturing/services PMI, official PMI, and yuan-fixing data. Each is tagged for impact on copper, iron ore, oil and Hang Seng.
Founder, Trading News Terminal · Forex educator since 2013
Trading the FX market since 2013, with focused coverage of China macro and EM currencies. The PBoC's communication style (more reactive than the Fed, more interventionist than the ECB) requires its own reading framework — TNT was built to track it.
Writes the daily Luís Barata Forex Trader blog (PT/BR) and the TNT analysis feed. Editorial focus: Fed dot plots, ECB forward guidance, BoJ yield-curve nuance, and how to fade the wire-first overreaction.
PBoC dates and rates on this page come from the central bank's official English-language publications. We cross-reference each release against the original Chinese-language announcement to catch translation nuances.
Tone tagging on PBoC announcements reflects editorial reading of language shifts (e.g., "prudent" vs "moderately accommodative" vs "flexible") rather than rate moves alone. The PBoC moves rates less than the Fed but signals more through language.
Page last reviewed: 27 May 2026 · Next scheduled review: after the 20 June LPR release · Corrections: [email protected]
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