LPR连续按兵不动，如何理解？

Group 1 - The Loan Prime Rate (LPR) for 1-year remains at 3.0% and for 5-year and above at 3.5%, unchanged from the previous month [1] - The stability of LPR aligns with market expectations, influenced by the unchanged reverse repurchase rate since May [1][2] - The current lending rates for both corporate loans and personal housing loans are at historically low levels, contributing to the decision to maintain LPR [1] Group 2 - The 7-day reverse repurchase rate has become the new pricing anchor for LPR, facilitating the transmission of interest rates from short to long-term [2] - Commercial banks are facing pressure on net interest margins, limiting their motivation to lower LPR quotes further [2] - The balance between supporting the real economy and maintaining the health of the banking system is crucial for future monetary policy [2] Group 3 - Macroeconomic indicators such as consumption, investment, and industrial production have shown a decline due to various factors including extreme weather and real estate market adjustments [3] - The People's Bank of China is expected to continue a moderately loose monetary policy while balancing internal and external factors [3] - Future policies will focus on reducing social financing costs and enhancing the transmission of interest rates, alongside fiscal and consumption policies to stimulate demand [3]