贷款市场报价利率连续3个月不变

Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3% and 3.5% respectively for three consecutive months, aligning with market expectations [1]. Group 1: Monetary Policy and LPR - The stability of the LPR is attributed to the current monetary policy framework, where the 7-day reverse repurchase rate serves as the new pricing anchor, enhancing the coordination among various interest rates [1]. - Since May, after a rate cut, the recent stabilization of policy rates has kept the pricing basis for LPR unchanged [1]. - The continuous maintenance of the LPR reflects a strong macroeconomic performance in the first half of the year, reducing the necessity for immediate downward adjustments [1]. Group 2: Historical Context and Future Outlook - Since 2020, the PBOC has implemented 12 reserve requirement ratio cuts and 9 policy rate reductions, leading to a decrease of 115 basis points for the 1-year LPR and 130 basis points for the 5-year LPR [2]. - The PBOC's recent report indicates that the effects of counter-cyclical monetary policy have been significant, with stable financial growth and low social financing costs [2]. - The report emphasizes the need for a moderately loose monetary policy moving forward, ensuring liquidity remains abundant and aligns with economic growth and price expectations [2]. Group 3: Policy Implementation and Economic Coordination - The report retains the term "moderately loose," indicating continued support for credit stability and domestic demand, while focusing on the effective implementation of existing policies [3]. - Structural policies are expected to precisely target financing costs, avoiding idle funds, and responding to trends of accelerating deposits and moderate price increases [3]. - Future policy measures will require close monitoring of the transmission effects and actual outcomes to enhance flexibility and maximize policy impact [3].