11月LPR报价出炉！专家预计年底前或将下调

Core Viewpoint - The Loan Prime Rate (LPR) in China remains unchanged for six consecutive months, with the one-year LPR at 3.0% and the five-year LPR at 3.5%, indicating a stable monetary policy environment [1] Group 1: Monetary Policy and Interest Rates - The People's Bank of China (PBOC) has maintained the 7-day reverse repurchase rate at 1.40%, making it difficult for LPR to decrease [1] - The net interest margin for commercial banks was 1.42% at the end of Q3, unchanged from Q2 but down 10 basis points from the end of last year, indicating pressure on banks to lower LPR [1] - The average interest rate for new corporate loans in October was 3.1%, down approximately 40 basis points year-on-year, while the average for new personal housing loans was also 3.1%, down about 8 basis points year-on-year [2] Group 2: Future Monetary Policy Outlook - Future monetary policy is expected to focus on precision, coordination, and balance, with an emphasis on optimizing the structure rather than the scale of monetary supply [2][3] - The PBOC aims to maintain a reasonable interest rate relationship to enhance the effectiveness of monetary policy and reduce speculative activities [3] - There is potential for new rounds of interest rate cuts and reserve requirement ratio reductions by the end of the year, which could lead to further decreases in LPR and stimulate domestic financing demand [3]