今年首期LPR出炉，两期限品种均“按兵不动”

Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively, marking the eighth consecutive month of stability, which aligns with expert expectations [1] Group 1: LPR and Interest Rates - The 1-year LPR remains at 3.0% and the 5-year LPR at 3.5%, unchanged from the previous period [1] - The stability of the LPR is attributed to the unchanged 7-day reverse repurchase rate, which serves as a primary reference for LPR pricing [1] - New corporate loans and personal housing loans have maintained low interest rates, with the weighted average interest rates around 3.1%, reflecting a decline of 2.5 and 2.6 percentage points since the second half of 2018 [1] Group 2: Future Monetary Policy - PBOC's Vice Governor Zou Lan indicated that there is still room for further reserve requirement ratio (RRR) cuts and interest rate reductions this year [2] - The stability of the RMB exchange rate and the ongoing US interest rate cuts provide a favorable external environment for potential rate adjustments [2] - Analysts suggest that the PBOC may consider lowering the LPR for terms longer than 5 years significantly to stabilize the real estate market, potentially in conjunction with fiscal subsidies [2]