★LPR下调呵护经济回升 部分银行同步调降存款利率

Group 1 - The Loan Prime Rate (LPR) and deposit rates of large commercial banks have decreased, leading to a reduction in overall financing costs and improving banks' liability costs [1][2] - The 1-year and 5-year LPR have both dropped by 0.1 percentage points to 3.0% and 3.5% respectively, while deposit rates for demand deposits decreased by 0.05 percentage points and term deposit rates fell by 0.15 to 0.25 percentage points [1] - The decline in LPR is expected to stimulate effective financing demand, stabilize credit levels, and support economic recovery [1][2] Group 2 - The average weighted interest rate for new corporate loans in April was approximately 3.2%, down about 50 basis points year-on-year, while the rate for personal housing loans was around 3.1%, down about 55 basis points [2] - The reduction in the 5-year LPR is anticipated to alleviate the interest burden for mortgage borrowers, thereby promoting consumption [2] - For existing mortgage borrowers, the benefits from the 5-year LPR decrease are expected to be realized on the next loan repricing date, enhancing their consumption capacity [2] Group 3 - The banking sector has experienced a rapid decline in net interest margins, currently at historical lows, due to falling loan rates [3] - The recent decrease in deposit rates is a strategic move by banks to maintain a reasonable net interest margin, which is essential for supporting the real economy [3] - The new round of deposit rate cuts, along with recent reserve requirement ratio reductions, provides banks with more room to adjust LPR pricing and alleviate net interest margin pressures [3]