央行：研究进一步扩大开展明示企业贷款综合融资成本工作的试点地区 推动社会综合融资成本下行

Core Viewpoint - The People's Bank of China (PBOC) aims to further expand pilot regions for explicit corporate loan comprehensive financing cost initiatives to promote a decline in overall social financing costs [1] Group 1: Monetary Policy and Interest Rate Reform - The PBOC's report emphasizes the need to deepen interest rate marketization reforms and improve the transmission channels of monetary policy [1] - It highlights the importance of establishing a market-oriented interest rate formation, regulation, and transmission mechanism, while enhancing the guiding role of the central bank's policy rates [1] - The report calls for a timely assessment of financial institutions' pricing capabilities to promote better interest rate pricing and adherence to self-discipline initiatives [1] Group 2: Loan Market and Pricing Mechanism - Continuous reforms to improve the Loan Prime Rate (LPR) are emphasized, focusing on enhancing the quality of LPR quotations to better reflect the actual loan market interest rates [1] - Financial institutions are urged to adhere to risk pricing principles and clarify the relationship between loan rates and market rates such as bond yields [1] - The PBOC is researching the expansion of pilot areas for explicit corporate loan comprehensive financing cost initiatives to further drive down social financing costs [1]