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【新华解读】存款利率与LPR同日下行 兼顾稳定息差与支持经济
Xin Hua Cai Jing·2025-05-20 07:19

Core Viewpoint - In May, the Loan Prime Rate (LPR) decreased by 10 basis points, leading to a collective reduction in deposit rates by major banks, which is expected to enhance support for the real economy while maintaining the stability of the banking system [1][2][5]. Group 1: LPR and Interest Rate Changes - The one-year LPR is now 3.0% and the five-year LPR is 3.5%, both down by 10 basis points, marking the first decline this year [2]. - The reduction in LPR is attributed to the People's Bank of China's decision to lower the policy interest rate by 0.1 percentage points, which has altered the pricing basis for LPR [2][6]. - Analysts suggest that the LPR decrease is a response to changes in the external economic environment, necessitating macroeconomic policy adjustments to stimulate domestic demand [2][3]. Group 2: Impact on Banking Sector - Major banks, including the six largest state-owned banks, have lowered deposit rates, with the current account rate down to 0.05% and various term deposit rates reduced by 15 to 25 basis points [5][6]. - The adjustments in deposit rates are expected to stabilize net interest margins for banks, as the overall deposit rate is projected to decline by approximately 0.11-0.13 percentage points [6][7]. - The banking sector's net interest margin was reported at 1.43% in the first quarter, down by 0.09 percentage points, indicating ongoing pressure on profitability [7]. Group 3: Future Outlook - There is a possibility of further LPR reductions within the year, although the extent may be limited due to the current economic conditions and policy measures [3][4]. - The focus may shift from reducing corporate financing and household credit costs to lowering overall social financing costs, emphasizing the importance of non-interest cost reductions [4].