LPR连续4月“按兵不动”，央行表态货币政策立场是支持性的

Core Viewpoint - The LPR rates for September remain unchanged, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, consistent since May, indicating a stable monetary policy environment in China [1][4]. Summary by Sections LPR Rates - The 1-year LPR is set at 3.0% and the 5-year LPR at 3.5%, both unchanged for five consecutive months [4]. - The stability of the LPR is attributed to the consistent 7-day reverse repurchase rate, which has remained at 1.40% since May [4]. Market Expectations - Analysts expected the LPR to remain unchanged, aligning with market predictions [3][4]. - Factors such as rising market interest rates and banks' low net interest margins have reduced the motivation for banks to lower LPR quotes [4]. Economic Context - Recent macroeconomic data has shown declines in consumption, investment, and industrial production due to various factors, including extreme weather and external fluctuations [5]. - The fiscal policy has been strengthened, with a target deficit rate of 4.0% and an issuance of 2.9 trillion yuan in government bonds, contributing to the current economic environment [5]. Future Monetary Policy Outlook - There is potential for a new round of interest rate cuts and reserve requirement ratio reductions in the fourth quarter, driven by the need to stimulate domestic demand and stabilize the real estate market [6][7]. - The recent rate cut by the Federal Reserve may provide more room for China's monetary policy to adopt a looser stance [6][7]. Central Bank's Position - The People's Bank of China emphasizes a supportive monetary policy stance, aiming to create a favorable environment for economic recovery and financial market stability [8][9]. - The central bank's approach is data-driven, adjusting policies based on macroeconomic conditions and trends [9].