LPR连续六个月“按兵不动”银行净息差迎阶段性企稳

Core Viewpoint - 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 a stable interest rate environment amid ongoing pressures on bank net interest margins [1] Group 1: LPR and Interest Rates - The LPR remains unchanged due to the lack of adjustment in the 7-day reverse repurchase rate, which serves as the pricing anchor for the LPR [1] - As of the end of Q3, the net interest margin for commercial banks in China stands at 1.42%, unchanged from the previous quarter, indicating a stabilization in the downward trend of interest margins [1] - The recent report from China International Capital Corporation (CICC) suggests that the stabilization of interest margins is supported by measures such as deposit rate reductions and improvements in the liability structure of banks [1] Group 2: Regulatory Environment - Recent regulatory efforts aim to stabilize loan pricing and prevent irrational competition among financial institutions, with a focus on maintaining sustainable banking operations [2] - The PBOC's report emphasizes the importance of maintaining reasonable interest rate relationships to ensure effective functioning of the market-oriented interest rate system [2] - Analysts suggest that the central bank should use self-regulatory mechanisms and window guidance to ensure that loan and deposit rates reflect policy rate adjustments while maintaining risk pricing and interest margin stability [2] Group 3: Financing Costs - 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 [3] - The PBOC is actively guiding localities to participate in pilot programs aimed at reducing comprehensive financing costs for enterprises, benefiting numerous small and medium-sized enterprises [3] - The decline in financing costs for both enterprises and residents indicates a relatively loose monetary condition and ample funding supply, meeting the effective financing needs of the real economy [3]