企业和居民利息支出“减负” 两个期限LPR下行10个基点

Core Viewpoint - The Loan Prime Rate (LPR) in China has decreased for the first time in 2024, with the 1-year LPR at 3.00% and the 5-year LPR at 3.50%, both down by 10 basis points, which is expected to lower financing costs and stimulate effective financing demand [1][2][3] Group 1: LPR Decrease and Its Implications - The recent LPR decrease aligns with market expectations and is anticipated to further reduce the overall financing costs in society, thereby promoting investment and consumption [1][2] - The reduction in policy rates, particularly the 7-day reverse repurchase rate from 1.50% to 1.40%, is a key driver behind the LPR decline [1][2] - Financial institutions are expected to have more room to lower their LPR quotes due to reduced funding costs from various monetary policy tools [2][3] Group 2: Impact on Housing Market - The LPR reduction is likely to enhance housing consumption demand, as the 5-year LPR serves as a pricing anchor for personal housing loans [3] - For a mortgage of 1 million yuan over 30 years, the monthly payment will decrease by 54 yuan, resulting in a total repayment reduction of 19,000 yuan [3] - However, the actual mortgage rates may not necessarily decrease as they are influenced by additional factors such as banks' asset-liability management and market competition [3][4] Group 3: Future Outlook - Future changes in the LPR will be influenced by multiple factors, including economic growth, interest rate stability, and external trade dynamics, suggesting a balanced approach to monetary policy [4]