年内LPR下行仍有一定空间和较大的可能性，不过当前经济走势保持向好，加之1月"两 新"政策优化，一系列增量结构性货币政策也率先落地，短期内总量性货币政策或处于观察 期，政策利率和LPR有望保持稳定。 新华财经北京1月20日电（记者 翟卓）20日，新年首期贷款市场报价利率（LPR）如期揭晓，1年期及5 年期以上品种分别报3.0%、3.5%，均为连续第8个月与此前持平。 自去年5月两期限LPR随政策利率（7天期逆回购利率）下行10个基点以来，二者与政策利率的加点便始 终维持在1.6个、2.1个百分点。 聚焦本月来看，LPR继续持稳符合预期。首先从报价机制看，一方面，开年以来7天期逆回购利率始终 保持稳定，意味着本月LPR的定价基础没有改变，已在很大程度上预示LPR将保持不变。 另一方面，据东方金诚首席宏观分析师王青介绍，近期包括1年期同业存单到期收益率（AAA级）在内 的主要中长端市场利率保持稳定，银行在货币市场的融资成本变化不大；在净息差处于历史低点的背景 下，报价行缺乏主动下调加点动力。 其次从消息面来看，1月15日，中国人民银行副行长邹澜在新闻发布会上宣布了一揽子增量结构性货币 政策举措，不仅将再贷款、再贴 ...

Group 1: LPR Pricing and Economic Indicators - The LPR for 1-year and 5-year periods remains unchanged at 3.0% and 3.5% respectively as of January 2026, consistent with market expectations[1] - The stability in LPR pricing is attributed to unchanged policy rates and stable market interest rates, particularly in the interbank lending market[2] - Economic growth is projected to rebound to approximately 4.7% year-on-year in Q1 2026, despite challenges in the real estate market and weakened investment and consumption[3] Group 2: Future Monetary Policy Outlook - There is potential for a comprehensive policy rate cut in Q2 2026, which may lead to a decrease in LPR pricing to stimulate consumption and investment[3] - The 2026 inflation rate is expected to remain low, allowing for a moderately accommodative monetary policy, including potential interest rate cuts[4] - The Federal Reserve's anticipated rate cuts in 2026 may reduce constraints on domestic monetary policy adjustments[5] - Regulatory measures may be implemented to significantly lower the 5-year LPR to address high residential mortgage rates and stimulate housing demand[5]

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 ...

基本面来看，英国经济表现超预期为英镑提供了坚实支撑。2025年英国经济增长水平稳居G7前列，年 初机构普遍下调预期，而英国商会(BCC)已将全年增速预期从0.9%上调至1.4%，英国央行更是上调至 1.5%，经合组织(OECD)预计其增速1.4%，仅次于美国。经济基本面的韧性，叠加英国央行相对鹰派的 货币政策立场，成为英镑强势的核心逻辑——2025年12月英国央行议息会议上，货币委员会成员就降息 表决呈现5:4的胶着态势，即便最终降息25个基点，鹰派态度仍对英镑构成有力支撑，推动汇价逆势走 强。 央行政策分化预期进一步强化英镑的利差优势。IMF及高盛等机构预测，2026年主要央行货币政策将呈 现显著分化，英国央行预计全年降息75个基点，而美联储预计降息50个基点，欧元区则大概率维持利率 不变。尽管英国央行存在降息空间，但截至2026年底，英国基准利率预计仍将维持在3.25%左右，在G7 国家中处于高位，利差逻辑下英镑对资金的吸引力有望持续凸显。不过需注意，市场对英国央行降息节 奏存在分歧，若后续通胀回落超预期或经济增速放缓，可能引发降息预期升温，进而压制英镑走势。 技术面分析，英镑兑美元当前处于2025年以来 ...

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]

1月20日，中国央行公布最新LPR报价。 而LPR上一次调整则是在2025年5月，1年期和5年期以上LPR均下调10个基点。 | LPR市场公告 LPR | 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(%) | | | | 17 | | | 3.00 | | | | 5Y | | | 3.50 | | 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。 | | | 中国人民纪行 THE PEOPLE'S BANK OF CHINA | | | 货币政策司 Monetary Policy Department | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | ...

智通财经获悉，据知情人士透露，美联储主席鲍威尔计划出席美国最高法院周三就美国总统特朗普试图 解职美联储理事丽莎·库克一案举行的听证会。在鲍威尔上周表示美国司法部已向美联储发出大陪审团 传票之后，他出席此次听证的这一动向更具分量。在此之前，鲍威尔似乎不愿发表任何可能激怒特朗普 的公开言论。在去年12月10日的新闻发布会上被问及该案件时，他选择不予回应，称"我们不是法律评 论员，此事正由法庭审理"。 美联储独立性面临严峻考验 除了试图罢免库克，特朗普政府还对鲍威尔本人发起了刑事调查。上周，据知情官员称，美国哥伦比亚 特区联邦检察官办公室已对鲍威尔展开刑事调查，调查内容涉及美联储对其华盛顿总部大楼的翻修工 程，以及鲍威尔是否就该项目的范围向国会撒谎。有知情官员透露，这项调查包括对鲍威尔公开声明的 分析以及对支出记录的审查，并于去年11月获得哥伦比亚特区联邦检察官珍妮娜·皮罗的批准。 随后，鲍威尔证实，美国司法部1月9日向美联储发出传票，威胁将就鲍威尔在参议院银行委员会作证一 事提起刑事指控，该证词部分涉及一项历时多年的历史性美联储办公楼翻新工程。 鲍威尔表示，此次新威胁既非针对去年六月的证词，也非针对美联储大楼翻修 ...

Group 1 - The core policy direction of the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission remains stable, focusing on steady growth, promoting high-quality development, and risk prevention [1][2][3] - In monetary policy, the central bank emphasizes the importance of promoting high-quality economic development and reasonable price recovery as key considerations, while flexibly using various monetary policy tools [2][9] - The financial "five major articles" policy framework will be further improved in 2026, aiming to optimize the financial supply structure and inject lasting internal momentum into economic development [2][10] Group 2 - The emphasis on risk prevention remains clear, with the central bank proposing to improve macro-prudential and financial stability management tools, while the regulatory bodies focus on addressing existing risks and preventing new ones [3][10] - There is an increased focus on collaborative efforts among the three departments, recognizing that single-department actions have limited marginal effects in the current economic environment [4][11] - The 2026 work priorities show a shift towards more forward-looking and institutionalized arrangements, with a clear focus on the "15th Five-Year Plan" and the establishment of mechanisms to support capital markets [5][13]

在促进增强居民消费能力、支持真实消费融资需求方面，中国人民银行将继续实施好创业担保贷款政 策，支持重点群体的就业创业和符合条件的小微企业吸纳就业。支持中国资本市场健康稳定发展，增加 居民的投资渠道。规范发展消费金融，满足居民多样化、个性化的消费需求。加强金融、财政政策协 同，配合落实消费领域贷款贴息等政策，降低消费领域的融资成本。在优化消费金融基础服务方面，将 持续完善多元化支付服务体系，结合重点消费场景提升支付体验，实施一次性信用修复政策，改善消费 金融环境。 在加大信贷投放的同时，中国人民银行不断降低借贷成本。数据显示，2025年12月，新发放企业贷款加 权平均利率和新发放个人住房贷款加权平均利率在3.1%左右，自2018年下半年以来，分别下降2.5个和 2.6个百分点。发布会上，中国人民银行副行长邹澜宣布，下调各类结构性货币政策工具利率0.25个百分 点。具体而言，各类再贷款一年期利率从目前的1.5%下调到1.25%，其他期限档次利率同步调整；再贴 现利率从1.75%下调至1.5%。 邹澜还表示，今年降准降息仍有一定空间。中国人民银行将继续综合施策，促进社会综合融资成本低位 运行。比如，推动明示贷款综合 ...