LPR连续四个月维持不变年内仍有下行空间

Group 1 - The Loan Prime Rate (LPR) for both one-year and five-year terms has remained unchanged for four consecutive months, with the one-year LPR at 3.0% and the five-year LPR at 3.5% as of September 22 [1] - Market expectations align with the stability of the LPR, as the policy interest rates have not changed, and there is a lack of motivation for banks to lower LPR spreads due to historical low net interest margins [1][2] - Experts anticipate that with the Federal Reserve potentially restarting interest rate cuts, China's monetary policy may have more room for adjustment, leading to a more accommodative external environment [1][3] Group 2 - There is potential for downward movement in policy rates and LPR by the end of the year to support domestic demand and stabilize the real estate market [2] - LPR changes are constrained by factors such as bank interest margins and deposit rates, with limited room for further reductions in deposit rates after multiple cuts this year [3] - The central bank is expected to maintain a balanced approach in its monetary policy, with possibilities for both reserve requirement ratio cuts and interest rate reductions, while ensuring stability in growth, interest margins, and foreign trade [3]