On July 19, the People's Bank of China (PBOC) issued a notice on further promoting market-oriented interest rate reform. The notice proposes to fully lift the control over financial institutions' loan interest rates, cancel the financial institutions' loan interest rate floor of 0.7 time and allow financial institutions to independently determine loan interest rates on the commercial principle; not adjust individual housing loan interest rate floating range and continue to strictly implement the differentiated housing credit policy; cancel the control over note discount interest rates and allow financial institutions to independently determine the discount interest rates; cancel the rural credit cooperatives' loan interest rate cap of 2.3 times and allow rural credit cooperatives to independently determine loan interest rates on the commercial principle.