贷款市场报价利率连续6个月保持不变——货币政策适度宽松仍有空间

Group 1 - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) at 3.0% for 1-year and 3.5% for over 5 years, unchanged for six months since a 10 basis points cut in May [1] - The stability in LPR is attributed to strong macroeconomic performance driven by unexpected export growth and rapid development in new productivity sectors, leading to reduced demand for counter-cyclical adjustments [1][2] - The average weighted interest rate for new corporate loans in October was 3.1%, down approximately 40 basis points year-on-year, while the rate for new personal housing loans was also 3.1%, down about 8 basis points year-on-year [2] Group 2 - The PBOC aims to implement a moderately loose monetary policy to maintain relatively loose social financing conditions, adapting to changes in the economic and financial landscape [2][3] - The central bank plans to deepen interest rate marketization reforms to enhance the quality of LPR quotes, ensuring they accurately reflect market rates and encouraging financial institutions to adhere to risk pricing principles [3] - The monetary policy will focus on achieving stable growth while optimizing the structure, with expectations for more proactive measures to support economic recovery in the fourth quarter and the first quarter of the following year [3]