LPR5年期维持3.5%不变 业内：报价仍有下调空间

Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) at 3.0% for 1-year and 3.5% for 5-year and above, indicating stability in monetary policy and potential for future adjustments to stimulate domestic demand and stabilize the real estate market [1][6]. Group 1: LPR and Monetary Policy - The LPR for both 1-year and 5-year terms remained unchanged in September, aligning with market expectations due to stable policy rates [4]. - The PBOC's 7-day reverse repurchase rate has not changed, suggesting that the pricing basis for the LPR has not shifted significantly [1][4]. - Analysts believe there is still room for downward adjustments in policy rates and LPR before the end of the year to support economic growth and stabilize the real estate market [6][7]. Group 2: Economic Conditions and Future Outlook - Recent macroeconomic data has shown volatility due to various factors, including extreme weather and external market fluctuations, but fiscal policies have been supportive since the beginning of the year [4]. - The PBOC is expected to implement a new round of interest rate cuts and reserve requirement ratio reductions in the fourth quarter, which could lead to lower loan rates for businesses and consumers [7]. - The current low inflation levels provide sufficient space for a moderately loose monetary policy, reducing concerns about high inflation [7]. Group 3: Market Reactions and Implications - The shift to a fixed quantity and interest rate bidding for the 14-day reverse repurchase operations indicates a move towards market-driven interest rates [5]. - Analysts suggest that the recent Federal Reserve rate cut may improve the environment for China's monetary easing, allowing for more aggressive domestic policy adjustments [6][8]. - The need for further support in the real estate market is emphasized, with expectations for targeted reductions in the LPR for longer-term loans to stimulate housing demand [7].