LPR连续7个月不变 2026年降准降息空间仍存

Group 1 - The Loan Prime Rate (LPR) has remained unchanged for seven consecutive months, with the one-year LPR at 3.0% and the five-year LPR at 3.5% as of December 22 [1] - The stability in LPR is attributed to the consistent policy interest rates and a slight increase in financing costs for banks in the money market, which reduces the incentive for banks to lower LPR quotes [1] - The pressure on banks' interest margins continues as they reduce costs for the real economy, while the weighted average interest rates for new corporate loans and personal housing loans are at historical lows, indicating a relatively loose monetary condition [1] Group 2 - The Central Economic Work Conference emphasizes the continuation of a moderately loose monetary policy and the flexible use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [2] - There is an expectation that if deposit rates and policy rates decrease further next year, LPR may see a slight decline, with a greater likelihood of RRR cuts compared to interest rate cuts [2] - Economic pressures are anticipated in the first quarter of 2026, prompting a potential new round of interest rate and RRR cuts to stimulate internal financing demand [2]