Group 1 - The 2026 first loan market quotation rate (LPR) remains unchanged for eight consecutive months, with the one-year LPR at 3.0% and the five-year LPR at 3.5% [1] - The seven-day reverse repurchase rate has not changed since its reduction in May 2025, indicating stability in the pricing basis for LPR [1] - Despite signs of stabilization in net interest margins for banks, there is pressure to maintain stable margins due to ongoing efforts to reduce costs for the real economy, limiting the motivation to lower LPR [1] Group 2 - A structural "rate cut" was implemented on January 19, 2026, with a reduction of 0.25 percentage points in re-lending and rediscount rates, resulting in new rates of 0.95%, 1.15%, and 1.25% for various terms [2] - The People's Bank of China (PBOC) indicates there is still room for further policy adjustments, with stable exchange rates and a favorable internal environment for potential rate cuts [2] - Predictions suggest that LPR may decrease in 2026 due to ongoing reductions in deposit rates and the re-pricing of maturing fixed-term deposits, which will lower banks' funding costs [2]
2026年首期LPR维持不变 后续仍有调降空间
Xin Lang Cai Jing·2026-01-20 20:57