20-11  Nominal Interest Rates on Loans of Financial Institutions

(annual interest rate %)

Item

1997.10.23

1998.3.25

1998.7.1

1998.12.7

1999.6.10

2002.2.21

2004.10.29

Oct. 23,1997

Mar. 25,1998

Jul. 1, 1998

Dec. 7, 1998

Jun. 10,1999

Feb.21,2002

Oct. 29,2004

Short-term

     6 Months

7.65①

7.02①

6.57②

6.12②

5.58③

5.04③

5.22

     1 Year

8.64①

7.92①

6.93②

6.39②

5.85③

5.31③

5.58

Medium-and Long-term

     3 Years or Less

9.36

9.00

7.11②

6.66②

5.94③

5.49③

5.76

     5 Years or Less

9.90

9.72

7.65②

7.2②

6.03③

5.58③

5.85

     More than 5 Years

10.53

10.35

8.01②

7.56②

6.21③

5.76③

6.12

a) ① The lending rate could be 10% higher or 10% lower than nominal interest rates; for rural credit cooperatives, the lending rate could be 40% higher or 10% lower than nominal interest rates.

b) ② As of November 1998, the lending rate for small-sized enterprises could be 20% higher than nominal interest rates, and the lending rate for medium and large-sized enterprises could be 10% higher than nominal interest rates. For all financial institutions, the lending rate could be 10% lower than nominal interest rates, while, for rural credit cooperatives, the lending rate could be 50% higher than nominal interest rates.

c) ③ As of September 1999, the lending rate for medium and small-sized enterprises could be 30% higher than nominal interest rates; for large-sized enterprises, the lending rate could be as much as 10% higher than nominal interest rates. For all financial institutions, the lending rate could be 10% lower than nominal interest rates.