LPR Pricing - The LPR for 1-year and 5-year above remains unchanged at 3.45% and 3.95% respectively, consistent with market expectations[1][2] Banking Sector Insights - By the end of 2023, the net interest margin of commercial banks fell to 1.69%, dropping below the 1.7% threshold for the first time[3] - In Q1 2024, general loan rates decreased by 0.08 percentage points, corporate loan rates by 0.02 percentage points, and personal housing loan rates by 0.28 percentage points compared to the end of last year[3] Economic Indicators - Q1 GDP growth reached 5.3%, exceeding the market expectation and the annual target of around 5.0%[7] - April's CPI rose to 0.3% year-on-year, while PPI decreased by 2.5% year-on-year, indicating low price levels in the economy[10] Policy Implications - The recent policy changes, including the removal of the lower limit for housing loan rates, suggest a potential decoupling of LPR from housing loan rates, which may lead to further adjustments in the housing market[12] - The central bank's measures to lower financing costs and support the real economy indicate a likelihood of LPR adjustments in the future[11]
5月LPR报价不动符合市场预期，居民房贷利率与5年期以上LPR报价“脱钩”
Dong Fang Jin Cheng·2024-05-23 13:30