如何理解11月LPR“按兵不动”

Group 1 - The Loan Prime Rate (LPR) for one year remains at 3.0% and for five years at 3.5%, unchanged for six consecutive months, aligning with expectations [1] - The unchanged LPR is attributed to the stable 7-day reverse repurchase rate at 1.40%, which serves as the basis for LPR pricing [1] - Banks are facing pressure from narrowing interest margins, with the net interest margin at 1.42%, unchanged from the previous quarter but down 10 basis points from the end of last year, reducing the incentive to lower LPR quotes [1] Group 2 - In October, the weighted average interest rate for newly issued corporate loans 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 [2] - The decline in financing costs reflects a moderately accommodative monetary policy, indicating ample funding supply [2] - The People's Bank of China (PBOC) aims to focus more on directing financial resources towards key areas such as technological innovation, consumption stimulation, and green initiatives, enhancing policy precision [2] - The PBOC's report emphasizes maintaining reasonable interest rate relationships to reduce speculative capital flows and improve monetary policy transmission [2] - Continued liquidity support is necessary to stabilize market confidence and expectations amid local government debt management and the implementation of new policy tools [2]