LPR年内首降，存款利率同步下调——企业、居民融资成本进一步降低

Core Viewpoint - The recent decrease in the Loan Prime Rate (LPR) signals a policy shift aimed at stabilizing growth and supporting the real economy by reducing financing costs for businesses and households [1][2]. Group 1: LPR Adjustment - The 5-year LPR is now at 3.5% and the 1-year LPR at 3%, both down by 10 basis points, marking the first decline this year [1]. - The adjustment aligns with market expectations, influenced by the recent reduction in the 7-day reverse repurchase rate to 1.4% [2]. - The LPR reduction is expected to stimulate credit demand and enhance consumer spending, particularly in the housing market [2]. Group 2: Impact on Loan Rates - The average interest rate for new personal housing loans was approximately 3.1% in April, and the LPR reduction will lower monthly payments for borrowers [4]. - For a 1 million yuan mortgage over 30 years, the monthly payment decreases from 4270 yuan to 4216 yuan, saving approximately 1.9 million yuan over the loan term [4]. Group 3: Deposit Rate Changes - Concurrently, deposit rates have been lowered, with the one-year deposit rate falling below 1% for the first time [1][4]. - The adjustments include a 5 basis point reduction in demand deposit rates and a 15 to 25 basis point reduction in various term deposit rates [4][5]. Group 4: Broader Financial Context - The reduction in deposit rates is more significant than the LPR decrease, indicating a strategy to protect bank margins while encouraging lending [5]. - Future adjustments to the LPR will consider multiple factors, including maintaining a balance between growth, interest margins, and external trade [7]. Group 5: Non-Interest Costs - The focus will also be on reducing non-interest costs such as collateral, guarantee, and intermediary service fees, which significantly impact the overall financing costs for businesses [7][8].