6月LPR“按兵不动”符合预期 机构称降低LPR并非当务之急

Core Viewpoint - The June LPR remains unchanged at 3.0% for the 1-year rate and 3.5% for the 5-year rate, which aligns with market expectations following the previous monetary policy adjustments [1][2]. Group 1: LPR Stability - The stability of the June LPR is attributed to the recent monetary policy changes, where a 10 basis point reduction was implemented in May, leading to a corresponding adjustment in LPR rates [1][2]. - Experts indicate that the current economic conditions do not necessitate further immediate adjustments to the LPR, as the policy rates are expected to remain stable [2][3]. Group 2: Market Expectations - Analysts believe that the unchanged LPR reflects the lack of significant changes in the factors influencing LPR pricing, thus meeting market expectations [2]. - The chief economist from China Minsheng Bank noted that the recent financial policies aim to stabilize market expectations, contributing to the current LPR stability [2]. Group 3: Future Outlook - While there may be potential for future LPR reductions, market participants are advised to temper their expectations regarding the timing and extent of such adjustments [3]. - The ongoing reduction of deposit rates by major banks is expected to continue, which may impact the LPR if further reductions are pursued [3]. - Experts suggest that the focus should be on reducing overall financing costs rather than solely relying on LPR adjustments, especially in light of external factors such as the Federal Reserve's monetary policy [3].