Core Viewpoint - The Loan Prime Rate (LPR) remains unchanged for June 2025, with the 1-year LPR at 3% and the 5-year LPR at 3.5%, reflecting market expectations and the stability of policy rates [1][4]. Group 1: LPR and Monetary Policy - The LPR was last adjusted in May 2025, where both the 1-year and 5-year LPRs were reduced by 10 basis points [4]. - Factors influencing the stability of the LPR include the expectation of steady policy rates and ongoing pressure on bank interest margins [4][5]. - The People's Bank of China (PBOC) emphasizes the importance of a smooth monetary policy transmission mechanism and aims to lower the overall financing costs in the economy [5][6]. Group 2: Banking Sector Performance - As of the end of Q1 2025, the net interest margin of commercial banks has decreased to a historical low of 1.43%, down 9 basis points from the previous quarter [4]. - The decline in net interest margins across various types of banks indicates a challenging environment for profitability and growth [5]. - The pressure on banks' interest margins is expected to limit the potential for further LPR reductions in the near term [5][6]. Group 3: Future Outlook - The potential for further LPR adjustments in the second half of 2025 remains, with expectations of additional monetary easing depending on domestic and international economic conditions [5][6]. - The focus of future monetary policy may shift towards reducing non-interest costs and enhancing the overall financing environment for businesses and households [6].

增量政策方面，最大的可能是落实前期提出的"设立新型政策性金融工具"，用作项目资本金，进而提振 投资。 6月20日，中国人民银行授权全国银行间同业拆借中心公布，2025年6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%。在上月双双下调10bp之后，6月均维持不变。 多位业内人士分析称，6月LPR不变符合市场预期，短期内将进入政策观察期，LPR报价有可能继续保 持稳定。 6月LPR为何维持不变？ 6月LPR报价维持不变，主要源于两方面原因。一是近期政策利率持稳，二是银行息差继续承压，LPR 继续下调受限。 6月政策利率保持不变，影响LPR报价加点的因素也没有发生重大变化。中国民生银行首席经济学家温 彬分析，当前，国内外形势发生了一定变化，使得短期内国内货币政策再度加码的必要性不强，政策利 率预计持稳，LPR报价也会维持稳定。 伴随5月降准落地、存款挂牌利率再度下调，商业银行负债成本得以继续改善，但存款定期化、长期化 趋势日益加剧，约束了存款成本的下降幅度。数据显示，2025年4月，居民和企业定期存款的占比分别 达到74.3%和74%，呈不断上升态势。此外，前期对公存款和 ...

Core Viewpoint - The Loan Prime Rate (LPR) remained unchanged in June, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, following a previous reduction of 10 basis points in May. This stability aligns with market expectations, and while there is no immediate need for further policy adjustments, a potential decrease in LPR later this year is anticipated [1][2][3]. Group 1: Current LPR Situation - The LPR's stability in June was expected due to unchanged policy rates and LPR pricing foundations [2][3]. - The recent financial policies, including a 10 basis point reduction in policy rates, have led to a stable LPR, with no significant changes in influencing factors [3][4]. Group 2: Banking Sector Implications - The continuous decline in credit rates has pressured bank interest margins, with the net interest margin for commercial banks dropping to a historical low of 1.43%, down 9 basis points from the previous quarter [4]. - Banks are focusing on managing liability costs and optimizing asset structures to stabilize interest margins amid declining revenue capabilities [4][5]. Group 3: Future Outlook for LPR - Industry experts believe there is still room for LPR adjustments in the second half of the year, particularly to support domestic demand and stabilize the real estate market [7]. - The potential for further LPR reductions may be influenced by external uncertainties and the need to lower financing costs for enterprises and residents [7][8]. - The timing for additional policy measures may shift to August or the fourth quarter, depending on economic conditions and the need to address demand pressures [8][9].

Group 1 - The People's Bank of China announced the Loan Prime Rate (LPR) for June 20, 2025, with a 1-year LPR set at 3.0% and a 5-year LPR at 3.5%, effective until the next announcement [1][2] - The announcement indicates a stable interest rate environment, which may influence borrowing costs for businesses and consumers [1] - The LPR serves as a benchmark for various loans in China, impacting the overall lending landscape [1] Group 2 - The article mentions the ranking of China's top 100 chain stores, indicating a significant market presence with a scale exceeding 2 trillion [3] - Several banks have removed 3-year large-denomination time deposits from their offerings, reflecting changes in the banking sector's product strategies [3] - The Swiss National Bank has announced a return to zero interest rates, which may have implications for global monetary policy and investment strategies [3]

5月份下调之后，6月份LPR保持不变。 | .. | 期間 | LPR(%) | | --- | --- | --- | | | 4 11 . | 3.00 | | | 27 | 3.50 | 6月20日，中国人民银行授权全国银行间同业拆借中心公布，2025年6月20日贷款市场报价利率（LPR） 为： 1年期LPR为3.0%（上次为3.0%）， 5年期以上LPR为3.5%（上次为3.5%）。以上LPR在下一次 发布LPR之前有效。 责编：叶舒筠 校对： 姚远 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 上交所，最新发布！ 丨 两大央行，同日降息！ 丨 A股突变！超4600股飘绿！石油股逆市大涨 丨 稀土出口，大消息！ 丨 突然爆发！盘中涨超170%！ 丨 美联储重大宣布！ 丨 李强在江苏调研 丨 哈 梅内伊：伊朗不投降，不接受 ...

Core Viewpoint - The Loan Prime Rate (LPR) for June remains unchanged, with the 1-year LPR at 3.00% and the 5-year LPR at 3.50%, aligning with market expectations [2][4][12]. Summary by Relevant Sections LPR Stability - The stability of the LPR is attributed to the recent policy rate cuts by the central bank and the unchanged 7-day reverse repurchase rate at 1.40% [4][12]. - The current LPR levels are seen as adequate for both corporate and personal loan rates, which are already low [7][12]. Banking Sector Insights - Commercial banks are facing pressure on net interest margins, which have decreased to 1.43%, down 9 basis points from the previous quarter, limiting their ability to lower LPR further [7][10]. - The focus for banks is on managing liability costs and optimizing asset structures to stabilize margins [10]. Economic Context and Future Outlook - The economic environment suggests that there is no immediate need for further monetary policy easing, with expectations that LPR will remain stable in the short term [9][12]. - The central bank's monetary policy aims to balance supporting the real economy while maintaining the health of the banking system, indicating a multi-faceted approach to monetary policy [9][12]. Financing Costs and Policy Measures - The current financing costs for enterprises and residents have significantly decreased, with "expensive financing" no longer being a primary concern [12]. - Future efforts to reduce overall financing costs may focus on lowering non-interest costs such as collateral and service fees rather than solely relying on LPR adjustments [12]. Potential Policy Changes - There is speculation about potential incremental policy measures in the second half of the year, particularly in response to economic conditions and external pressures [15][16]. - The introduction of new policy financial tools is anticipated to stimulate investment, with estimates suggesting that such measures could leverage significant amounts of credit demand [16].

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, as of June 20, 2025, which aligns with market expectations following a previous decrease in May [1][3]. Group 1 - The LPR remained stable after a 10 basis point decrease in May, which was anticipated by market participants [3]. - Experts suggest that the PBOC's previous policy rate cuts will lead to a more significant reduction in loan rates for businesses and individuals, thereby lowering financing costs for the real economy [4]. - In May, the weighted average interest rate for new corporate loans was approximately 3.2%, down about 50 basis points year-on-year, while the rate for new personal housing loans was around 3.1%, down about 55 basis points year-on-year [4]. Group 2 - Analysts believe there is still potential for further LPR declines, but caution against overly optimistic expectations regarding the pace and magnitude of future rate changes [4]. - The external environment remains uncertain, and domestic growth stabilization policies should not be relaxed, indicating that the central bank may continue to lower interest rates in the second half of the year [4].

来源：中国人民银行 突发！"伊朗首都德黑兰传出巨大爆炸声"，内塔尼亚胡最新发声！白宫：特朗普将作决定 6月20日，中国人民银行授权全国银行间同业拆借中心公布，2025年6月20日贷款市场报价利率（LPR）为： 1年期LPR为 3.0%（上次为3.0%）， 5年期以上LPR为3.5%（上次为3.5%）。以上LPR在下一次发布LPR之前有效。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 業事業部 | 货币政策 | 宏观甲慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查绞计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | ...

6月贷款市场报价利率（LPR）报价出炉：5年期以上LPR为3.5%，上月为3.5%。1年期LPR为3%， 上月为3%。 ...

6月贷款市场报价 利率（ LPR）报价出炉：5年期以上LPR为3.5%，上月为3.5%。1年期LPR为3%，上月 为3%。 ...