Core Viewpoint - The loan market quotation rate (LPR) remains unchanged in October, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, maintaining stability for five consecutive months since the reduction in May 2023 [1][1][1] Group 1: Market Analysis - The current lack of motivation for banks to lower LPR quotes is attributed to the historically low net interest margins [1] - Continuous pressure on banks' interest margins is noted, with projections indicating a decline to 1.42% by the end of Q2 2025, a decrease of 10 basis points from the end of Q4 2022 [1][1] - The marginal effect of interest rate cuts is diminishing, suggesting that lowering rates is not the key factor for stabilizing growth and promoting consumption [1][1] Group 2: Policy Implications - The People's Bank of China is expected to maintain a "precise and effective" regulatory approach, focusing on the implementation and effectiveness of existing monetary policies rather than broad-based easing [1] - There remains operational space for monetary policy adjustments before the end of the year [1]
10月LPR报价维持不变
Qi Huo Ri Bao Wang·2025-10-21 00:50