LPR连续六个月“按兵不动”

Core Points - 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 sixth consecutive month, reflecting market expectations and ongoing pressure on bank net interest margins [1] - The LPR is influenced by the central bank's policy rates and the quotes from banks, with no recent adjustments to the 7-day reverse repurchase rate, which serves as the pricing anchor for the LPR [1] - The average interest rate for newly issued corporate loans in October was 3.1%, down approximately 40 basis points year-on-year, while the rate for personal housing loans was also 3.1%, down about 8 basis points year-on-year [1] Industry Insights - The current low financing costs for enterprises and residents indicate a relatively loose monetary condition and ample funding supply, meeting the effective financing demands of the real economy [2] - Regulatory bodies are reinforcing pricing behavior guidelines for financial institutions to stabilize loan pricing and prevent irrational competition, aiming for sustainable banking operations [2] - The PBOC's recent monetary policy report emphasizes the need to enhance the interest rate adjustment framework and improve the quality of LPR quotes to better reflect market loan rates [2]