Core Insights - The recent simultaneous reduction in both LPR and deposit rates is a rare occurrence, indicating a significant monetary policy shift aimed at stimulating the economy [1][2] - The 1-year LPR is now at 3%, and the 5-year LPR is at 3.5%, both down by 10 basis points from the previous month, marking the first adjustment after six months of stability [2][4] - The reduction in LPR is expected to lower financing costs for the real economy, encouraging businesses to expand production and investment [4][5] Summary by Sections LPR Adjustment - The LPR has been adjusted downwards for the first time this year, with a 10 basis point decrease for both the 1-year and 5-year rates [2] - This adjustment aligns with the central bank's earlier announcement to lower key policy rates, indicating a coordinated effort to reduce borrowing costs [2][4] Impact on the Economy - The LPR reduction is anticipated to ease the interest burden on the real economy, providing businesses with more financial flexibility [5] - The average interest rate for newly issued corporate loans was approximately 3.2% in April, down 4 basis points from the previous month and 50 basis points year-on-year [4] Real Estate Market Effects - The decrease in the 5-year LPR is expected to significantly impact the housing market, potentially bringing first-time mortgage rates into the "2% range" [5] - For a 1 million yuan mortgage over 30 years, the monthly payment could decrease by about 55 yuan, leading to a total interest savings of nearly 20,000 yuan [5] Broader Market Implications - The simultaneous reduction in deposit rates, with 1-year fixed deposit rates now below 1%, is expected to alleviate pressure on bank margins [6] - Analysts predict that the LPR cut will stabilize the economic fundamentals and may lead to a recovery in asset valuations, particularly in infrastructure and consumer sectors [7]

2025.05. 20 本文字数：2393，阅读时长大约4分钟 作者 | 第一财经 杜川 存款、LPR降息同步落地。 5月20日，中国人民银行授权全国银行间同业拆借中心公布，新一期贷款市场报价利率（LPR）新鲜 出炉。1年期LPR为3%，5年期以上LPR为3.5% ，两个期限品种均较上月下降10个基点。这是自去 年10月以来，LPR首次出现下调，在连续6个月保持"静默"后，此次调整引发各界高度关注。 民生银行首席经济学家温彬称，经贸摩擦下内外部不确定性仍在，对市场预期和出口增长形成扰动， 在此背景下，需通过LPR的适当下调来引导贷款利率继续下行，以进一步激发有效融资需求，稳定信 用水平，呵护经济修复。 商业银行负债成本的改善为LPR下调创造了条件。5月15日，0.5个百分点降准正式落地，释放长期 流动性约1万亿元。20日当天，国有大行和股份行牵头开启第七轮存款挂牌利率下调。其中，活期存 款利率下调5个基点；定期整存整取三个月期、半年期、一年期、二年期均下调15个基点，三年期和 五年期均下调25个基点；7天期通知存款利率下调15个基点。 温彬认为，此次存款利率下调幅度大于LPR降幅，有助于降低银行负债成本，为L ...