Core Viewpoint - The LPR (Loan Prime Rate) has remained unchanged for three consecutive months, with the 1-year rate at 3.0% and the 5-year rate at 3.5%, reflecting stability in the current economic environment [3][4]. Group 1: LPR Stability - The unchanged LPR rates align with market expectations, as the central bank's 7-day reverse repurchase rate has also remained stable, indicating no changes in the pricing basis for LPR [4]. - The recent increase in market interest rates and the historical low net interest margins for commercial banks have reduced the motivation for banks to lower LPR quotes [4][5]. Group 2: Economic Context - The stability of LPR is attributed to a moderately strong macroeconomic performance in the first half of the year, reducing the immediate need for adjustments to enhance counter-cyclical regulation [5]. - Both corporate and personal loan rates are currently at low levels, suggesting that lowering the LPR is not an urgent priority [5]. Group 3: Future Outlook - Experts suggest that the marginal effects of interest rate cuts are diminishing, and alternative methods to reduce overall financing costs, such as lowering non-interest costs, may be more effective [5]. - If the Federal Reserve lowers rates in September, it could create a more favorable external environment for adjustments in China's monetary policy, potentially leading to a decrease in LPR [5]. - There is an expectation for stronger policies to stabilize the real estate market, with potential targeted reductions in the 5-year LPR to alleviate high mortgage rates and stimulate housing demand [5].

反映银行资金成本的三个月拆息报1.8606%，升13.572基点，是7月18日后最高。长息方面，六个月拆息 升9.322基点，报2.38411%，一年期则升5.179基点，报2.67143%。 智通财经APP获悉，8月15日，港元拆息全线向上，隔夜息报0.76935%，升39.316基点，是5月7日后最 高；一周拆息升41.268基点，报0.94941%，两周则升42.94基点，报1.12696%。与楼按相关的一个月拆 息报1.45095%，升40.571基点，是5月13日后最高。 | 到期日 | 港元利息結算率 | | --- | --- | | 隔夜 | 0.76935 | | 1 星期 | 0.94941 | | 2 星期 | 1.12696 | | 1 個月 | 1.45095 | | 2 個月 | 1.64393 | | 3 個月 | 1.86060 | | 6 個月 | 2.38411 | | 12 個月 | 2.67143 | ...