LPR连续六个月按兵不动，专家：年底有望启动新一轮降准降息

Core Viewpoint - The People's Bank of China has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively, indicating stability in monetary policy amid mixed economic signals [1][2] Group 1: LPR Stability - The LPR has remained unchanged for six consecutive months since a reduction in May, aligning with market expectations due to stable policy rates [1] - The stability in LPR is attributed to the unchanged pricing basis from the central bank's 7-day reverse repurchase rate and a lack of incentive for banks to lower LPR amid historically low net interest margins [1] Group 2: Economic Outlook and Monetary Policy - Recent economic data shows a decline in domestic investment, consumption, and industrial production, raising concerns about growth momentum [2] - The central bank's upcoming monetary policy may include new interest rate cuts and reserve requirement ratio reductions to stimulate economic activity, particularly in light of low inflation levels [2] - The anticipated fiscal measures, including two 500 billion yuan initiatives, are expected to support the economy and potentially lead to lower LPR rates, thereby encouraging financing demand [2]