如何理解8月LPR“按兵不动”

Group 1 - The People's Bank of China (PBOC) announced that the Loan Prime Rate (LPR) for one year remains at 3.0% and for five years or more at 3.5%, unchanged from previous values [1] - Experts believe that the decision to keep the LPR steady aligns with expectations, as the 7-day reverse repurchase rate, which serves as the basis for LPR pricing, remains at 1.4% [1] - In May, the PBOC implemented a series of financial policies, including a 0.5 percentage point reduction in the reserve requirement ratio, leading to a 10 basis point decrease in both LPRs [1] Group 2 - In July, the average interest rate for newly issued corporate loans was approximately 3.2%, and for personal housing loans, it was about 3.1%, showing declines of around 45 and 30 basis points year-on-year, respectively [2] - The overall trend indicates a decrease in social financing costs, supported by improved monetary policy rate adjustment frameworks and enhanced interest rate transmission mechanisms [2] - A World Bank report indicates that China's financial service efficiency ranks at the top among 50 global economies, while a survey by the All-China Federation of Industry and Commerce highlights that private enterprises prioritize tax reduction policies over financing issues [2]