LPR连续五个月“按兵不动”

Group 1 - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively for the fifth consecutive month, indicating a stable monetary policy environment [1] - The LPR is influenced by the central bank's policy rates and the quotes from banks, with no recent adjustments in the policy rates leading to a stable LPR [1] - The average interest rate for newly issued corporate loans in September was approximately 3.1%, down about 40 basis points year-on-year, while the average interest rate for personal housing loans was also around 3.1%, down about 25 basis points year-on-year, supporting the real economy [1] Group 2 - The recent meeting of the central bank's monetary policy committee highlighted the need to improve the market-based interest rate transmission mechanism and to reduce the overall financing costs in society [2] - There is an expectation of further monetary easing in the fourth quarter due to increasing downward pressure on the macro economy, with a focus on releasing 500 billion yuan in new policy financial tools to stimulate investment [2] - The anticipated financial tools are expected to positively impact total demand and stabilize credit growth in the fourth quarter [2]