Core Viewpoint - The September Loan Prime Rate (LPR) remained unchanged at 3.0% for the 1-year term and 3.5% for the 5-year term, marking the fourth consecutive month of stability after a 10 basis point decline in May [2][3][4]. Group 1: Market Expectations and Influences - The stability of the LPR aligns with market expectations, influenced by the unchanged 7-day reverse repurchase rate, which serves as a policy interest rate [3][4]. - Recent increases in key mid-to-long-term market interest rates, such as the 1-year interbank certificate of deposit yield and the 10-year government bond yield, have limited banks' motivation to lower the LPR [3][4]. - Factors such as extreme weather, growth stabilization policies, external fluctuations, and adjustments in the real estate market have contributed to volatility in macroeconomic data, but ongoing fiscal policy support and positive export growth suggest a stable LPR [4][6]. Group 2: Monetary Policy and Future Outlook - The People's Bank of China (PBOC) is adjusting liquidity management tools, transitioning the 14-day reverse repurchase operations to a fixed quantity and interest rate bidding, indicating a move towards market-driven interest rates [6]. - Experts suggest that future monetary policy should focus on optimizing the structure of credit rather than merely increasing the total volume, given the high leverage and pressure on bank asset quality [6][7]. - The potential for further interest rate cuts and LPR adjustments exists, particularly in response to external pressures and the need to stimulate domestic demand [7][8]. - The recent Federal Reserve rate cut may reduce constraints on China's monetary policy, allowing for more flexibility in implementing measures to support economic growth [7][8].

贷款市场报价利率（LPR）连续4个月按兵不动。 LPR在5月迎来年内首次下调，1年期LPR和5年期以上LPR均下调10个基点。贷款利率则保持在历史低 位水平。央行数据显示，8月份企业新发放贷款加权平均利率为1%，比上年同期低40个基点；个人住房 新发放贷款加权平均利率为3.1%，比上年同期低约25个基点。 贷款市场报价利率（LPR）由各报价行按公开市场操作利率（公开市场7天期逆回购利率）加点形成的 方式报价，由全国银行间同业拆借中心计算得出，为银行贷款提供定价参考。目前，LPR包括1年期和5 年期以上两个品种。 责任编辑：江钰涵 中国人民银行授权全国银行间同业拆借中心公布，2025年9月22日，贷款市场报价利率（LPR）为：1年 期LPR为3.00%，5年期以上LPR为3.50%，均较上月保持不变，以上LPR在下一次发布LPR之前有效。 LPR保持不变在市场预期之中。作为主要政策利率的7天期逆回购利率在自5月下调后保持不变，因此， LPR报价的定价基础也未发生改变。 ...

Core Viewpoint - A Reuters survey indicates that 24 out of 26 economists believe Indonesia will maintain its 7-day reverse repo rate at 5.75% on April 23 [1] Group 1 - The majority of economists surveyed (24 out of 26) predict no change in the interest rate [1] - The current reverse repo rate stands at 5.75%, which has been a point of focus for economic stability [1]