Group 1 - The Loan Prime Rate (LPR) for both 1-year and 5-year terms remains unchanged at 3.0% and 3.5% respectively for the eighth consecutive month, indicating stability in the lending market [2] - The stability in LPR is attributed to the unchanged policy rates and stable medium to long-term market interest rates, which have limited the motivation for banks to lower LPR quotes [2] - The People's Bank of China (PBOC) has implemented a structural "rate cut" by reducing the re-lending and re-discount rates by 0.25 percentage points, effective January 19 [3] Group 2 - The minimum down payment ratio for commercial property loans has been adjusted to not less than 30% [3] - Industry experts anticipate potential downward pressure on the economy in the second quarter due to the impact of high tariffs on global trade and exports, which may lead to comprehensive counter-cyclical adjustment policies [3]

Core Viewpoint - The People's Bank of China announced the Loan Prime Rate (LPR) for January 20, 2026, with the 1-year LPR set at 3.0% and the 5-year LPR at 3.5%, effective until the next announcement [1]. Group 1 - The 1-year LPR is established at 3.0% [1] - The 5-year LPR is set at 3.5% [1] - The rates will remain effective until the next LPR announcement [1]

1月20日，中国人民银行以固定利率、数量招标方式开展了 3240亿元7天期逆回购操作 ，操作 利率1.40%，与此前持平。 来源丨央视新闻 编辑丨刘雪莹 最新LPR出炉 国常会密集部署，财政促消费资金有望增至5000亿 央行透露2026年货币政策风向 SFC 21君荐读 ...

Core Viewpoint - The People's Bank of China has maintained the Loan Prime Rate (LPR) unchanged for both 1-year and 5-year terms at 3.0% and 3.5% respectively, reflecting market expectations and stable monetary policy conditions [1] Group 1: LPR and Monetary Policy - The LPR quotes for January remained stable due to unchanged policy rates and stable medium to long-term market interest rates, indicating a lack of incentive for banks to lower LPR spreads [1] - Since June 2025, the LPR has not changed, primarily driven by strong export performance and rapid development in high-tech manufacturing sectors, allowing the macro economy to withstand external pressures [1] Group 2: Economic Outlook - Despite a downward trend in economic growth due to real estate market adjustments and weakened investment and consumption, employment remains stable and inflation is showing signs of recovery [2] - GDP growth is expected to rebound to approximately 4.7% year-on-year in Q1 2026, with monetary policy likely to remain stable in the short term [2] - There is potential for comprehensive policy rate cuts if economic pressures increase in Q2 2026, which could lead to a reduction in LPR and lower loan rates for businesses and households [2] Group 3: Real Estate Market Stability - Efforts will be made to stabilize the real estate market, with expectations that regulatory measures may lead to significant reductions in the 5-year LPR, combined with fiscal subsidies to lower residential mortgage rates [3]

Group 1 - The People's Bank of China announced that the Loan Prime Rate (LPR) for January 2026 remains unchanged for the eighth consecutive month, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5% [1] - The previous LPR values were 3.10% for the 1-year and 3.60% for the 5-year, indicating a reduction in May 2025 to the current levels [1] - The LPR is determined by quoting banks based on the open market operation rate, aimed at providing a pricing reference for bank loans [1] Group 2 - The Central Economic Work Conference emphasized the continuation of a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery [2] - The policy aims to utilize various tools such as reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity and support key areas like domestic demand, technological innovation, and small and medium enterprises [2] - The goal is to keep the RMB exchange rate stable at a reasonable and balanced level [2]

Group 1 - The Loan Prime Rate (LPR) remains unchanged for eight consecutive months, with the one-year LPR at 3.00% and the five-year LPR at 3.50% as of January 20, 2026 [1] - The last adjustment to the LPR occurred in May 2025, when both the one-year and five-year LPRs were reduced by 10 basis points [1] - A structural "rate cut" was implemented on January 19, 2026, with a reduction of 0.25 percentage points in the re-lending and rediscount rates to support key strategic areas [1] Group 2 - The People's Bank of China (PBOC) indicated that there is still room for further interest rate cuts in 2026, citing stable exchange rates and a favorable internal banking environment [2] - The net interest margin of banks has stabilized at 1.42% for two consecutive quarters, which may facilitate future rate cuts [2] - The PBOC's recent adjustments to various re-lending rates are expected to lower banks' interest costs and stabilize net interest margins, creating space for potential interest rate reductions [2]

中国人民银行授权全国银行间同业拆借中心公布，2026年1月20日贷款市场报价利率（LPR）为：1年期LPR为3.0%，5年期以上LPR 为3.5%。以上LPR在下一次发布LPR之前有效。 | LPR LPR市场公告 | | LPR简介 | LPR报价行成员 | 历史数据 | | | | --- | --- | --- | --- | --- | --- | --- | | 贷款市场报价利率(LPR) | | | | | | 2026-01-20 9:00 | | | 期限 | | | | LPR(%) | | | | 1Y | | | | 3.00 | | | | 5Y | | | | 3.50 | | 央行数据显示，自2025年5月份1年期和5年期以上LPR双双下降10个基点以来，两个期限品种LPR均已连续8个月保持不变。 中国人民银行授权全国银行间同业拆借中心公布，2026年1月20日贷款市场报价利率（LPR）为：1年期LPR为3.0%，5年期以上LPR 为3.5%。以上LPR在下一次发布LPR之前有效。 | LPR LPR市场公告 | | LPR简介 | LPR报价行成员 | 历史数据 | | | | ...

北京商报讯(记者 董晗萱) 1月20日，中国人民银行授权全国银行间同业拆借中心公布，2026年1月贷款 市场报价利率（LPR）为：1年期LPR为3.0%，5年期以上LPR为3.5%。两大报价均与前值保持一致。这 是两大LPR品种报价连续8个月保持不变。 ...

Core Viewpoint - The People's Bank of China has announced the Loan Prime Rate (LPR) for January 20, 2026, with the 1-year LPR set at 3.0% and the 5-year LPR at 3.5%, effective until the next announcement of the LPR [1] Group 1 - The 1-year LPR is established at 3.0% [1] - The 5-year LPR is set at 3.5% [1] - The announced LPR rates will remain valid until the next release [1]

中国人民银行授权全国银行间同业拆借中心公布，2026年1月20日贷款市场报价利率（LPR）为：1年期 LPR为3.0%，5年期以上LPR为3.5%。 数据显示，两个期限LPR均与上月持平。 编辑｜瑜见 ...