王青：LPR报价不变符合预期 四季度有可能实施新一轮降息｜首席观大势

Core Viewpoint - The People's Bank of China has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively, aligning with market expectations [1] Group 1: LPR Rates - The 1-year LPR remains unchanged at 3.0%, consistent with the previous month [1] - The 5-year LPR also stays at 3.5%, unchanged from last month [1] Group 2: Market Analysis - The stability in LPR rates reflects a lack of motivation among banks to lower the LPR amid historically low net interest margins [1] - Recent increases in key mid to long-term market interest rates, such as the AAA-rated 1-year interbank certificates of deposit and 10-year government bond yields, are influenced by market expectations and anti-involution factors [1] Group 3: Future Outlook - Potential impacts from the U.S. high tariff policies on global trade and China's exports may become more pronounced in the fourth quarter [1] - The central bank may consider implementing a new round of interest rate cuts and reserve requirement ratio reductions in the fourth quarter, which could lead to a subsequent decrease in LPR rates [1]