央行宣布，LPR维持不变

Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) unchanged for five consecutive months, indicating a stable macroeconomic environment and a low necessity for further adjustments in the short term [2][4]. Summary by Sections LPR Rate Announcement - As of October 20, the 1-year LPR remains at 3%, and the 5-year LPR is at 3.5%, unchanged from previous rates [2]. Economic Context - The stability in LPR is attributed to a moderately strong macroeconomic performance in the first half of the year, reducing the urgency for rate cuts [4]. - PBOC Governor Pan Gongsheng highlighted that China's economic growth continues to be among the highest globally, and the central bank will maintain a moderately loose monetary policy to support consumption and investment [4]. Future Expectations - Several institutions anticipate that the PBOC may implement new interest rate cuts and reserve requirement ratio reductions in the fourth quarter, which could lead to lower loan rates for businesses and households [4]. - This potential adjustment is seen as a crucial measure to stimulate domestic financing demand and counteract the slowdown in external demand [4]. A-Share Market Reaction - A table summarizing the A-share market performance following previous LPR adjustments indicates varying impacts on the Shanghai Composite Index, with some adjustments leading to positive returns over different time frames [5].