[Pan Gongsheng: Promote the reform of the loan interest rate pricing benchmark from a relatively simple reference to the Loan Prime Rate (LPR) to a more diversified pricing benchmark] On October 19, at the opening ceremony of the 2026 Financial Street Forum Annual Meeting, Pan Gongsheng, Governor of the People's Bank of China, said that we will promote the reform of the loan interest rate pricing benchmark and transform from a relatively simple reference to the Loan Prime Rate (LPR) to a more diversified pricing benchmark. In the future, as the diversified loan pricing benchmarks continue to improve, some companies with strong financial capabilities can independently choose the interbank overnight repurchase rate or the loan market quote rate as the pricing benchmark for floating rate loans after negotiating with financial institutions. The loan market quote rate can continue to play a role as the pricing benchmark for small businesses and personal loans. The inter-bank overnight repurchase rate can also be considered as an option for pricing benchmarks for bonds and financial derivatives. The People's Bank of China will choose the opportunity to issue policy guidelines to guide financial institutions to do relevant work. At the same time, we will continue to reform and improve the loan market quotation rate quotation mechanism to improve the quotation quality.