新一期LPR“按兵不动” 后续仍有下行空间

Core Points - The People's Bank of China announced that the Loan Prime Rate (LPR) for one year remains at 3.0% and for five years or more at 3.5%, unchanged for five consecutive months [1] - Experts believe that the stability of the LPR aligns with market expectations, indicating no changes in the pricing basis for October [1] - The low net interest margin of commercial banks limits their motivation to lower the LPR quote [1] Summary by Sections LPR Stability - The LPR has remained stable for five months, with the one-year rate at 3.0% and the five-year rate at 3.5% [1] - This stability reflects the unchanged pricing basis for October, as anticipated by the market [1] Market Conditions - Major medium to long-term market interest rates, including the one-year interbank certificate of deposit yield, have risen slightly, increasing the financing costs for commercial banks [1] - The weighted average interest rate for newly issued corporate loans in September was approximately 3.1%, down about 40 basis points year-on-year, while the rate for personal housing loans was also around 3.1%, down about 25 basis points year-on-year [1] Future Outlook - Experts suggest that there is still room for the LPR to decline, especially as measures to boost domestic demand and stabilize the real estate market are implemented [1] - The central bank may inject long-term liquidity into the banking system through various policy tools, potentially leading to a decrease in the LPR in the coming months [2]