招联首席研究员：降低LPR并非当务之急

Core Viewpoint - The chief researcher of Zhaolian, Dong Ximiao, stated that lowering the Loan Prime Rate (LPR) is not an urgent matter, as the marginal effect of interest rate cuts is decreasing with the continuous decline of market interest rates [1] Group 1: Interest Rate Dynamics - The external factor of the Federal Reserve slowing down its rate cuts may lead to an expanded China-U.S. interest rate differential if the LPR is lowered too quickly, which could increase pressure on the RMB exchange rate [1] - The next step should focus on reducing the overall financing costs in society, indicating that lowering the LPR is not the only method to achieve this [1] Group 2: Financing Cost Reduction Strategies - Future efforts to lower comprehensive financing costs may need to target non-interest costs, such as reducing mortgage guarantee fees and intermediary service fees [1]