新一期LPR“按兵不动”

Group 1 - The Loan Prime Rate (LPR) for 1-year remains at 3.0% and for 5-year and above at 3.5%, unchanged from the previous period, aligning with market expectations [1] - Following a 10 basis point decrease in May, the stability of the LPR in June indicates that the pricing basis for LPR has not changed significantly [1] - Current corporate and personal loan rates are at historical lows, with the average corporate loan rate at approximately 3.2%, down about 50 basis points year-on-year, and the average personal housing loan rate at approximately 3.1%, down about 55 basis points year-on-year [1] Group 2 - The focus is shifting from reducing financing costs for enterprises and residents to lowering overall social financing costs, emphasizing the reduction of non-interest costs such as collateral and intermediary service fees [2] - To support the real estate market, it is anticipated that financial authorities may guide a further decline in the 5-year LPR to facilitate larger reductions in residential mortgage rates [2]