作者丨边万莉 唐婧 编辑丨包芳鸣 （图片来源：中国人民银行） LPR维持不变 2019年8月，央行推进贷款利率市场化改革。改革后的LPR由各报价行按照对最优质客户执行的贷款利 率，于每月20日（遇节假日顺延）以公开市场操作利率（主要指七天逆回购操作利率）加点形成的方式 报价。加点幅度则主要取决于各行自身资金成本、市场供求、风险溢价等因素。 目前，LPR已经成为银行贷款利率的定价基准，金融机构绝大部分贷款已参考LPR进行定价，直接影响 着各类经营主体融资成本。LPR 包含1年期与5年期以上两个品种，前者主要短期经营贷与消费贷，后 者则与房贷等长期限贷款密切相关。 11月20日，最新一期LPR报价出炉。中国人民银行授权全国银行间同业拆借中心公布，2025年10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。 值得关注的是，LPR报价已连续六个月保持不变。究其原因，一方面是作为LPR定价"锚"的7天期逆回 购利率连续多月保持稳定；另一方面，银行受净息差等因素影响，下调LPR报价加点的动力不足。 当前，市场对降准降息预期已有减弱。中国 ...

Core Viewpoint - The latest Loan Prime Rate (LPR) remains unchanged for six consecutive months, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, reflecting stable market conditions and limited motivation for banks to lower rates [1][4][5]. Group 1: LPR Stability - The LPR has been stable due to the consistent 7-day reverse repurchase rate, which has remained at 1.40% since May [4][5]. - Market expectations for rate cuts have diminished, as liquidity is generally ample and banks need to maintain reasonable net interest margins to better serve the real economy [1][8]. Group 2: Economic Context - The macroeconomic environment has shown strength, with exports exceeding expectations and rapid development in new productive sectors, leading to reduced demand for counter-cyclical adjustments [4][8]. - The weighted average interest rate for new corporate loans in October was 3.1%, down approximately 40 basis points year-on-year, indicating a high level of credit resource supply [6]. Group 3: Future Monetary Policy - The central bank's recent report emphasizes the need for a moderately loose monetary policy while maintaining a focus on structural optimization and balancing short-term fluctuations with long-term goals [9][10]. - There is a shift towards more precise and coordinated monetary policy, with an emphasis on directing financial resources to key areas such as technological innovation and green development [10].

2025.11. 20 本文字数：913，阅读时长大约2分钟 作者 | 第一财经 杜川 11月，两个期限品种的LPR（贷款市场报价利率）报价保持不变，符合市场预期，这也是LPR连续6 个月保持不变。 11月20日，中国人民银行授权全国银行间同业拆借中心公布，当日LPR为：1年期LPR为3.0%，5年 期以上LPR为3.5%。 银行息差缩窄压力仍然不小，当前报价行缺乏主动下调LPR报价加点的动力。三季度末商业银行净 息差为1.42%，尽管与二季度末持平，但较去年四季度末下降了10个基点。 招联首席研究员董希淼认为，综合融资成本下降是货币条件比较宽松的重要体现。近年来企业和居民 融资成本低位下行，说明货币条件比较宽松、资金供给比较充裕。在这种情况下，引导LPR下降并 非当务之急。 东方金诚首席宏观分析师王青认为，6月以来LPR报价一直按兵不动，背后的根本原因是受年初以来 出口超预期、国内新质生产力领域较快发展等推动，宏观经济走势稳中偏强，逆周期调节需求相应下 降，货币政策保持较强定力。 但受内外部多重因素影响，近期经济增长动能有所回落，其中，10月国内投资、消费、工业生产等 宏观数据下行势头引发关注，出口增速由正 ...

银行息差缩窄压力仍然不小，当前报价行缺乏主动下调LPR报价加点的动力。三季度末商业银行净息差 为1.42%，尽管与二季度末持平，但较去年四季度末下降了10个基点。 招联首席研究员董希淼认为，综合融资成本下降是货币条件比较宽松的重要体现。近年来企业和居民融 资成本低位下行，说明货币条件比较宽松、资金供给比较充裕。在这种情况下，引导LPR下降并非当务 之急。 央行在三季度货币政策执行报告专栏中提出，"保持合理的利率比价关系"。董希淼认为，这表明，央行 将审慎对待利率变化，引导市场减少资金空转套利，畅通货币政策传导，增强政策的有效性。未来一段 时间，适度宽松的货币政策虽还有一定实施空间，但边际效率已经明显下降。过度放松货币金融条件可 能产生的一些负面效果也需要关注，比如资金空转、资本市场波动加大等。因此，市场应降低对下一步 大幅度降准降息的预期。 11月，两个期限品种的LPR（贷款市场报价利率）报价保持不变，符合市场预期，这也是LPR连续6个 月保持不变。 11月20日，中国人民银行授权全国银行间同业拆借中心公布，当日LPR为：1年期LPR为3.0%，5年期以 上LPR为3.5%。 东方金诚首席宏观分析师王青认为， ...

11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11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%。至此，LPR两个品种报价已连续6个月保持不 变。 多位受访的业内人士指出，本月LPR继续"按兵不动"符合预期。展望未来，适度宽松的货币政策虽还有 一定实施空间，但边际效率已经明显下降。市场对未来大幅度降准降息的预期有所减弱。下一阶段，货 币政策或将更加注重精准、协同和均衡。 缺乏下调动力 LPR报价继续"按兵不动" LPR报价持续"按兵不动"，业内人士指出，这符合市场预期。从LPR报价机制看，作为LPR定价基础的7 天期逆回购操作利率为1.40%，并未发生变化，因此LPR报价较难下降。 东方金诚宏观首席分析师王青指出，尽管近期包括1年期银行同业存单到期收益率（AAA级）在内的主 要中长端市场利率稳中有降，商业银行在货币市场的融资成本略有下行，但在商业银行净息差处于历史 最低点的背景下，当前报价行也缺乏主动下调LPR报价加点的动力。 "6月以来LPR报价一直按兵不动，背后的根本原因是受年初以来出口超预期、国内新质生产力领域较快 发展等推动。"王青指出， ...

着眼于稳定今年四季度和明年一季度经济运行，稳增长政策如何接续发力？ 央行在三季度货币政策执行报告专栏中提出，"保持合理的利率比价关系"。董希淼认为，这表明，央行 将审慎对待利率变化，引导市场减少资金空转套利，畅通货币政策传导，增强政策的有效性。未来一段 时间，适度宽松的货币政策虽还有一定实施空间，但边际效率已经明显下降。过度放松货币金融条件可 能产生的一些负面效果也需要关注，比如资金空转、资本市场波动加大等。因此，市场应降低对下一步 大幅度降准降息的预期。 银行息差缩窄压力仍然不小，当前报价行缺乏主动下调LPR报价加点的动力。三季度末商业银行净息差 为1.42%，尽管与二季度末持平，但较去年四季度末下降了10个基点。 招联首席研究员董希淼认为，综合融资成本下降是货币条件比较宽松的重要体现。近年来企业和居民融 资成本低位下行，说明货币条件比较宽松、资金供给比较充裕。在这种情况下，引导LPR下降并非当务 之急。 东方金诚首席宏观分析师王青认为，6月以来LPR报价一直按兵不动，背后的根本原因是受年初以来出 口超预期、国内新质生产力领域较快发展等推动，宏观经济走势稳中偏强，逆周期调节需求相应下降， 货币政策保持较强定 ...

Core Viewpoint - The People's Bank of China has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively, indicating stability in monetary policy amid mixed economic signals [1][2] Group 1: LPR Stability - The LPR has remained unchanged for six consecutive months since a reduction in May, aligning with market expectations due to stable policy rates [1] - The stability in LPR is attributed to the unchanged pricing basis from the central bank's 7-day reverse repurchase rate and a lack of incentive for banks to lower LPR amid historically low net interest margins [1] Group 2: Economic Outlook and Monetary Policy - Recent economic data shows a decline in domestic investment, consumption, and industrial production, raising concerns about growth momentum [2] - The central bank's upcoming monetary policy may include new interest rate cuts and reserve requirement ratio reductions to stimulate economic activity, particularly in light of low inflation levels [2] - The anticipated fiscal measures, including two 500 billion yuan initiatives, are expected to support the economy and potentially lead to lower LPR rates, thereby encouraging financing demand [2]

"从LPR报价机制看，作为LPR定价基础的7天期逆回购操作利率为1.40%，并未发生变化，因此LPR较 难下降。"招联金融首席研究员董希淼对《华夏时报》记者表示，从银行方面看，随着持续向实体经济 减费让利，银行息差缩窄压力仍然不小。三季度末商业银行净息差为1.42%，尽管与二季度持平，但较 去年四季度末下降了10个基点。因此，银行缺乏压降LPR报价加点的动力。 文/刘佳 11月20日，最新一期贷款市场报价利率（LPR）报价出炉。其中，5年期以上LPR报3.5%，上月为 3.5%。1年期LPR报3%，上月为3%。LPR继续选择"按兵不动"，连续6个月保持不变，符合市场预期。 谈及下一阶段货币政策，董希淼认为，未来一段时间，适度宽松的货币政策虽还有一定实施空间，但边 际效率已经明显下降。过度放松货币金融条件可能产生的一些负面效果也需要关注，比如资金空转、资 本市场波动加大等。因此，市场应降低对下一步大幅度降准降息的预期。 编辑：冯樱子 ...

Group 1 - The People's Bank of China (PBOC) announced that the one-year Loan Prime Rate (LPR) remains at 3.0% and the five-year LPR at 3.5%, effective until the next announcement [1] - Analyst Wang Qing from Dongfang Jincheng noted that the stability of the LPR in November aligns with market expectations after a significant drop of 25 basis points in October [1] - The PBOC is expected to maintain a supportive monetary policy stance through 2025, with flexibility to adjust rates as needed to support economic recovery and respond to external trade conditions [1] Group 2 - Goldman Sachs has revised its forecast for China's monetary policy, now predicting a reduction in reserve requirement ratios and interest rates in the first quarter of 2026, delayed from the previous estimate of the fourth quarter of 2025 [2] - The expectation for a 10 basis point interest rate cut has been postponed from the second quarter to the third quarter of 2026 [2]

Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of liquidity operations to maintain a stable monetary environment, with a focus on increasing liquidity while keeping interest rates steady [1][2][3]. Group 1: Liquidity Operations - On November 17, the PBOC conducted a 1.40% fixed-rate reverse repurchase operation of 283 billion yuan for 7 days, resulting in a net injection of 163.1 billion yuan after 119.9 billion yuan of reverse repos matured [1]. - The PBOC also executed an 800 billion yuan 6-month buyout reverse repo operation, which added 500 billion yuan to the existing liquidity, continuing the trend of increased liquidity management [1][2]. - In November, the PBOC's net injection through buyout reverse repos reached 500 billion yuan, marking a 100 billion yuan increase from October and the sixth consecutive month of increased operations [2]. Group 2: Interest Rate Trends - The Shanghai Interbank Offered Rate (Shibor) has shown an upward trend since November 13, with the overnight rate rising from 1.3150% to 1.5080%, an increase of 19.3 basis points [1]. - The 7-day Shibor increased from 1.4740% to 1.5140%, while the 1-month Shibor saw a slight rise from 1.5180% to 1.5200% [1]. - The PBOC aims to maintain a balance in liquidity, indicating that while short-term funding may experience tension, the overall liquidity remains reasonable [2]. Group 3: Monetary Policy Outlook - The PBOC's third-quarter monetary policy report emphasizes the need for moderately loose monetary policy, aiming to keep social financing conditions relatively loose [3]. - Analysts suggest that a new round of reserve requirement ratio (RRR) cuts may occur before the end of the year, driven by external environment fluctuations and domestic economic conditions [3]. - The focus for the fourth quarter will be on "quantity and price coordination" and structural effectiveness, utilizing tools like buyout reverse repos and medium-term lending facilities (MLF) to optimize credit structure [4].