LPR和存款利率同步下行 进一步降低实体经济综合融资成本

Core Viewpoint - The recent decrease in the Loan Prime Rate (LPR) and deposit rates is expected to lower the overall financing costs for the real economy and stabilize the net interest margins of commercial banks [1][2][3]. Group 1: LPR and Deposit Rate Changes - The 1-year LPR is set at 3.0% and the 5-year LPR at 3.5%, both down by 10 basis points from the previous period [1]. - Multiple banks have announced reductions in RMB deposit rates, which aligns with the LPR decrease [3]. Group 2: Economic Implications - The LPR reduction is anticipated to lead to lower loan rates for both enterprises and residents, thereby reducing financing costs and stimulating investment and consumption [2]. - The decline in housing loan rates, following the LPR drop and previous adjustments to public housing loan rates, is expected to enhance consumer spending capacity and willingness [2]. Group 3: Impact on Banks - The simultaneous reduction in deposit rates by major banks is seen as a measure to maintain stable net interest margins amid historically low financing costs [3]. - The average interest rate for newly issued corporate loans was approximately 3.2% in April, down about 4 basis points from the previous month and 50 basis points year-on-year [3]. Group 4: Future Outlook - There is potential for further LPR reductions if economic growth pressures increase in the second half of the year, although expectations should be moderated regarding the pace and extent of future rate changes [4]. - The central bank's focus will remain on balancing multiple objectives, including growth stabilization and maintaining net interest margins [4].