存贷款利率同日下调

Core Viewpoint - The People's Bank of China has lowered the Loan Prime Rate (LPR) for both 1-year and 5-year terms by 10 basis points, indicating a transmission of policy rate adjustments to loan market rates [1][3][4]. Group 1: LPR Adjustments - The 1-year LPR is now 3.0% and the 5-year LPR is 3.5%, both down by 10 basis points from the previous period [1][3]. - Analysts believe there is still room for further LPR reductions to enhance the quality and accuracy of LPR quotes [5][6]. - The recent LPR adjustments align with a broader monetary policy shift aimed at reducing financing costs for businesses and households [4][6]. Group 2: Deposit Rate Cuts - A new round of deposit rate cuts has been initiated, with major banks reducing rates for various terms, including a 15 basis point cut for 3-month, 6-month, and 1-year deposits, and a 25 basis point cut for 3-year and 5-year deposits [1][7]. - The latest adjustments mark the seventh round of deposit rate cuts since the market-oriented adjustment mechanism was established in April 2022 [7][9]. - The reduction in deposit rates is expected to increase the difficulty for banks in attracting deposits, while simultaneously directing more funds into low-risk asset management products [2][8]. Group 3: Market Implications - The decline in deposit rates may lead to a further drop in broad interest rates, including government bond yields, and could encourage a "deposit migration" trend as investors seek higher returns [2][8]. - The anticipated increase in the scale of wealth management products could surpass 33 trillion yuan this year due to the lower deposit rates [2][8]. - The adjustments are part of a broader strategy to stabilize the economy amid external pressures and to stimulate domestic demand [4][6].