货币政策适度宽松仍有空间

Core Points - The latest Loan Prime Rate (LPR) remains unchanged at 3.0% for 1-year and 3.5% for 5-year loans, marking six months of stability since the last reduction in May [1] - The stability in LPR is attributed to strong macroeconomic performance, including better-than-expected exports and rapid development in new productivity sectors [1][2] - The People's Bank of China (PBOC) aims to maintain a moderately loose monetary policy to support economic growth and ensure liquidity in the financial system [2][3] Group 1 - The LPR has been a key reference for loan pricing since the reform in August 2019, influencing corporate financing and household credit costs [2] - 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 [2] - The PBOC plans to deepen interest rate marketization reforms and improve the quality of LPR quotes to better reflect market conditions [3] Group 2 - The PBOC emphasizes a proactive monetary policy to achieve stable growth, balancing short-term and long-term economic adjustments [3] - There is potential for further monetary policy easing to support economic recovery, especially in light of the need for sustained growth [3] - The focus is on optimizing the structure of the economy and promoting growth driven by domestic demand and consumption [3]