◎记者 张琼斯 8月20日，最新一期贷款市场报价利率（LPR）出炉。中国人民银行授权全国银行间同业拆借中心公 布：1年期LPR为3.0%，5年期以上LPR为3.5%。两个期限LPR连续三个月"按兵不动"。 LPR保持不变，符合市场预期。东方金诚首席宏观分析师王青表示，政策利率7天期逆回购操作利率保 持稳定，意味着当月LPR的定价基础没有变化；受"反内卷"牵动市场预期等影响，近期市场利率有所上 行，在商业银行净息差处于历史最低点的背景下，报价行缺乏主动下调LPR报价加点的动力。 金融监管总局数据显示，2025年二季度，商业银行净息差进一步降至1.42%。"随着银行持续向实体经 济减费让利，息差缩窄压力不断增大。"招联首席研究员、上海金融与发展实验室副主任董希淼表示， 目前无论是企业贷款利率还是个人贷款利率都处于低位，降低LPR并非当务之急。而且，随着市场利率 不断降低，降息的边际效应也在下降。 董希淼认为，下一步推动社会综合融资成本下降，并非只有降低LPR这一种途径。未来降低综合融资成 本，可从降低抵押担保费、中介服务费等非利息成本着手。 "LPR连续三个月保持不动，主要缘于上半年宏观经济稳中偏强，短期内通过引 ...

Group 1 - The People's Bank of China announced that the Loan Prime Rate (LPR) for 1-year remains at 3.0% and for 5 years and above at 3.5%, unchanged for three consecutive months since a decline in May [1] - Experts indicate that the macroeconomic environment has stabilized in the first half of the year, reducing the necessity for further LPR adjustments in the short term [1] - Current loan rates for enterprises and individuals are at low levels, with new corporate loan rates around 3.2% and new personal housing loan rates at approximately 3.1%, both down by about 45 basis points and 30 basis points year-on-year respectively [1] Group 2 - The net interest margin for commercial banks in the first half of the year is reported at 1.42%, showing a slight decrease of 0.01 percentage points from the first quarter, indicating limited motivation for banks to lower LPR quotes [2] - Experts believe there is still potential for LPR to decrease further, especially in the context of boosting domestic demand and stabilizing the real estate market [2] - If the Federal Reserve lowers interest rates again in September, it could create a more favorable external environment for adjustments in China's monetary policy, with expectations of a potential 10 basis points reduction in LPR by the end of the year [2]

Core Viewpoint - The LPR (Loan Prime Rate) remains unchanged for three consecutive months, reflecting a stable macroeconomic environment and a cautious approach to monetary policy adjustments [1][2]. Group 1: LPR and Monetary Policy - On August 20, the 1-year LPR is set at 3.0% and the 5-year LPR at 3.5%, consistent with market expectations [1]. - The recent stability in policy rates, following a rate cut in May, has limited the potential for further LPR adjustments [1]. - The People's Bank of China (PBOC) emphasizes a "moderately loose monetary policy" moving forward, focusing on implementation rather than aggressive easing [2]. Group 2: Banking Sector and Interest Rates - Commercial banks are facing pressure on net interest margins, which stood at 1.42% as of the end of Q2, down 0.01 percentage points from Q1 [1]. - Despite significant cuts in deposit rates, the downward trend in loan rates continues, indicating ongoing pressure on banks to stabilize their net interest margins [1]. - Analysts suggest that structural policies may be more effective in reducing financing costs and avoiding fund misallocation, potentially delaying further rate cuts [2]. Group 3: Future Expectations - Analysts predict that there may still be room for policy rate and LPR reductions in the future, particularly in Q4, as efforts to boost domestic demand intensify [2]. - There is an expectation for regulatory measures to further support the housing market, potentially leading to larger reductions in residential mortgage rates [2].

Core Viewpoint - The Loan Prime Rate (LPR) for 1-year and over 5-year remains unchanged at 3.0% and 3.5% respectively, indicating a stable monetary policy environment amid economic pressures [1][3]. Group 1: Monetary Policy and LPR - The People's Bank of China (PBOC) has emphasized the implementation of a moderately loose monetary policy, with a recent announcement of an additional 100 billion yuan in loans to support disaster recovery efforts [1]. - The stability of the LPR in August aligns with market expectations, as the central bank's policy rates have remained stable, indicating no immediate need for adjustments [3]. - Analysts suggest that the continuous stability of the LPR over three months reflects a strong macroeconomic environment in the first half of the year, reducing the necessity for further downward adjustments in the short term [3]. Group 2: Economic Indicators and Future Outlook - In July, the actual loan interest rates remained at historical lows, with new corporate loans averaging around 3.2% [2]. - Economic data from July indicates a potential downturn, with external demand expected to weaken, suggesting that there may be room for future adjustments in policy rates and LPR [5]. - The second quarter monetary policy report indicates a shift towards a more supportive monetary stance, aligning with the need to stimulate domestic demand and stabilize the real estate market [5][6].

Core Viewpoint - The LPR (Loan Prime Rate) for both 1-year and 5-year terms remains unchanged at 3.0% and 3.5% respectively, aligning with market expectations and reflecting stable policy rates [1][2]. Group 1: LPR Quotation Analysis - The unchanged LPR quotations for August indicate a lack of significant changes in the pricing basis, as the central bank's 7-day reverse repurchase rate has remained stable [2]. - The continuous stability of LPR for three months is attributed to a relatively strong macroeconomic performance in the first half of the year, reducing the necessity for immediate downward adjustments [2][3]. Group 2: Future Expectations - There is potential for a downward adjustment in policy rates and LPR quotations in the fourth quarter, driven by efforts to stimulate domestic demand and stabilize the real estate market [3][4]. - The central bank may implement new rounds of interest rate cuts, which could lead to lower loan rates for businesses and households, thereby boosting internal financing demand [3]. Group 3: Real Estate Market Implications - Enhanced policies to stabilize the real estate market are anticipated, with expectations for a targeted reduction in the 5-year LPR to alleviate high mortgage rates and stimulate housing demand [4].

国家金融与发展实验室特聘高级研究员庞溟对中新社记者表示，自5月8日以来央行政策利率(公开市场7 天期逆回购操作利率)并未调整，本次LPR报价维持不变符合市场预期。央行在5月加大逆周期调节力度 出台实施的一揽子金融支持举措，其传导渠道和成效影响也需时观察。 王青认为，受多重因素影响，7月宏观经济数据波动下行，接下来外需有可能放缓。未来在大力提振内 需、采取有力措施巩固房地产市场止跌回稳态势过程中，政策利率及LPR报价有下调空间。该机构预 计，四季度初前后央行有可能实施新一轮降息降准，并带动两个期限品种的LPR报价跟进下调。 他指出，最新的宏观数据和信贷数据显示，企业部门和居民部门的信贷需求较为疲弱。8月份LPR"按兵 不动"，可以更好地配合后续推出的各项政策措施，更好地处理支持实体经济与保持银行体系自身健康 性的关系，也可以留够政策空间以推动房地产市场止跌回稳。 (责任编辑：王擎宇) 中国人民银行授权全国银行间同业拆借中心20日公布最新一期贷款市场报价利率(LPR)：1年期LPR为 3.0%，5年期以上LPR为3.5%。两个期限品种的LPR均连续三个月保持不变。 东方金诚首席宏观分析师王青指出，LPR报价连续三 ...

Group 1 - The core viewpoint of the articles indicates that the LPR (Loan Prime Rate) for both 1-year and 5-year terms remains unchanged at 3.0% and 3.5% respectively, aligning with market expectations and reflecting a stable policy rate environment [1][2] - The stability in LPR quotes for three consecutive months is attributed to a relatively strong macroeconomic performance in the first half of the year, reducing the necessity for adjustments in the short term [1] - There is an expectation of potential downward adjustments in LPR quotes in the future, particularly in the fourth quarter, as the central bank may implement new rounds of interest rate cuts to stimulate domestic demand and counteract external economic pressures [2] Group 2 - The articles highlight that the current low inflation levels provide sufficient room for monetary policy to remain accommodative, including the possibility of interest rate cuts without immediate concerns over high inflation [2] - It is anticipated that regulatory measures will be strengthened in the second half of the year to support the real estate market, including potential reductions in the 5-year LPR to alleviate high mortgage rates and stimulate housing demand [2]

Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) for both the 1-year and 5-year terms at 3.0% and 3.5% respectively, which aligns with market expectations [2] Group 1: LPR Quotation Stability - The LPR rates for August remained unchanged due to the stability of the policy interest rates, specifically the central bank's 7-day reverse repurchase rate [2] - Market interest rates have seen an upward trend recently, but banks lack the incentive to lower the LPR due to historically low net interest margins [2] Group 2: Economic Context - The continuous stability of the LPR for three months is attributed to a relatively strong macroeconomic performance in the first half of the year, reducing the immediate need for downward adjustments [2] - Experts suggest that the current period is one of policy observation, indicating a cautious approach to monetary policy adjustments [2] Group 3: Future Expectations - Analysts anticipate that the central bank may implement a new round of interest rate cuts and reserve requirement ratio reductions around the beginning of the fourth quarter, which could lead to a subsequent decrease in the LPR [2]

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, which aligns with market expectations [2][2]. Group 1: LPR Quotation Stability - The LPR quotations for August remained unchanged due to the stability of the policy interest rate (7-day reverse repurchase rate) throughout the month, indicating no changes in the pricing basis for LPR [2][2]. - Market interest rates have recently risen, influenced by factors such as anti-involution trends, which has reduced the motivation for banks to lower the LPR quote further, especially given the historically low net interest margins [2][2]. Group 2: Economic Context and Future Expectations - The continuous stability of the LPR for three months is fundamentally attributed to a relatively strong macroeconomic performance in the first half of the year, reducing the immediate need for downward adjustments to strengthen counter-cyclical regulation [2][2]. - Industry experts anticipate that the central bank may implement a new round of interest rate cuts and reserve requirement ratio reductions around the beginning of the fourth quarter, which could lead to a subsequent decrease in LPR quotations [2][2].

Group 1: LPR Pricing and Market Expectations - The LPR rates for August remain unchanged at 3.0% for the 1-year term and 3.5% for the 5-year term, consistent with market expectations[1] - The stability in policy rates, particularly the central bank's 7-day reverse repurchase rate, indicates no changes in the pricing basis for LPR, leading to the unchanged rates[2] - The LPR has remained stable for three consecutive months, primarily due to a moderately strong macroeconomic environment in the first half of the year, reducing the necessity for immediate adjustments[2] Group 2: Future Economic Outlook and Policy Adjustments - Economic data from July shows downward volatility, suggesting increased downward pressure on the economy in the third quarter, with external demand likely to slow[3] - There is potential for a new round of interest rate cuts and reserve requirement ratio reductions by the central bank in early Q4, which could lead to lower LPR rates[3] - Lower LPR rates are expected to stimulate internal financing demand, crucial for promoting consumption and investment in the second half of the year[3] - The current low inflation levels provide ample room for monetary policy adjustments, including interest rate cuts, without immediate concerns over high inflation[3] - Strengthening policies for the real estate market in the second half of the year may involve guiding the 5-year LPR downwards to alleviate high mortgage rates and boost housing demand[3]