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7天期逆回购利率
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LPR连续按兵不动,如何理解?
Jin Rong Shi Bao· 2025-09-22 12:48
业内专家普遍认为,为平衡支持实体经济与保持银行体系自身健康性的关系,商业银行仍需从资负两端 协同发力,着力优结构、稳定价,确保净息差的相对平稳。综合考虑资金、风险、运营、资本、税收等 成本的相对刚性,在政策利率未降的情况下,LPR报价单独下调的空间和动力不足。 9月22日,中国人民银行授权全国银行间同业拆借中心公布,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%。两个期限LPR均与上月持平。 "继5月LPR跟随逆回购利率下10个基点后,截至当下9月逆回购利率再无调整。"中信证券固定收益分析 师赵诣解释,这也与市场预期保持一致。 招联首席研究员董希淼表示,"尽管9月18日美联储开启2024年12月以来首次降息,但国内LPR保持不 变,符合预期。"他进一步解释,一方面受银行息差方面的约束。如果LPR下降过快,银行息差加快收 窄,不利于保持银行体系稳健性和服务实体经济持续性。另一方面,从当前新发放贷款看,无论是新发 放的企业贷款还是个人住房贷款,利率都在上年同期较低的水平上继续下降,且都处于历史低位。在这 种情况下,本月LPR维持不变,在意料之中。 此外,在新的货币政策框架下,7 ...
【新华解读】经济稳健运行LPR如期持稳 改革6年持续释放效能
Xin Hua Cai Jing· 2025-08-20 13:55
Core Viewpoint - The reform of the Loan Prime Rate (LPR) has been ongoing for six years, leading to significant declines in loan rates and improved interest rate transmission mechanisms [1][6][7]. Group 1: LPR Stability and Economic Context - As of August 20, the one-year LPR remains at 3.0% and the five-year LPR at 3.5%, marking the third consecutive month of stability since a 10 basis point drop in May [3]. - The stability of the LPR is attributed to the consistent 7-day reverse repurchase rate since June, which serves as the pricing anchor for LPR [3]. - The net interest margin of commercial banks was reported at 1.42% as of the end of Q2, a slight decrease from the previous quarter, indicating ongoing pressure on banks' profitability [3]. Group 2: Impact of LPR Reform - Since the reform began, the one-year and five-year LPR have decreased by 131 basis points and 135 basis points, respectively, compared to pre-reform levels [7]. - The average weighted interest rate for RMB loans has dropped by 205 basis points since the end of 2019, with corporate loan rates at 3.22% and personal housing loan rates at 3.06% [7]. - The LPR has become the primary reference for loan pricing, enhancing the reflection of market supply and demand in loan rates [7]. Group 3: Future Directions for LPR Reform - Experts suggest that future reforms should focus on improving the quality of LPR quotes by expanding the range of quoting banks to include private and foreign banks [8][9]. - There is a recommendation to enhance the interest rate transmission mechanism to ensure that market rates effectively influence LPR and subsequently loan rates [9]. - The potential for further LPR reductions exists, with expectations of a possible 10 basis point decrease by the end of the year, contingent on both domestic and international monetary policy developments [5][9].
二季度降准降息预期升温 业界预计降准或先落地
Zheng Quan Ri Bao· 2025-04-27 16:43
Group 1 - The Central Political Bureau of the Communist Party of China emphasizes the need for timely interest rate cuts and reserve requirement ratio (RRR) reductions to support the real economy [1] - Analysts predict that the second quarter is a ripe time for these monetary policy adjustments, with expected interest rate cuts of 0.3 percentage points and RRR cuts of 0.5 percentage points, releasing approximately 1 trillion yuan in long-term funds [1] - The need for macroeconomic policy support is highlighted due to high actual interest rates and external economic pressures, with expectations for RRR cuts and interest rate reductions to boost consumer and business investment [1] Group 2 - The priority for releasing long-term liquidity tools remains with RRR cuts, which are expected to be implemented first as fiscal policies become more accommodative in the second quarter [2] - Interest rate cuts may face constraints from the yuan's exchange rate and banks' net interest margins, but the weakening of the dollar reduces immediate exchange rate pressures [2] - Overall, the monetary policy is expected to maintain a loose stance through 2025, with anticipated RRR cuts of about 1 percentage point and interest rate reductions of approximately 0.3 percentage points throughout the year [2]
路透调查:预计印尼央行将在2025年第二季将7天期逆回购利率下调25个基点至5.50%(与3月调查结果相同)。
news flash· 2025-04-21 08:16
路透调查:预计印尼央行将在2025年第二季将7天期逆回购利率下调25个基点至5.50%(与3月调查结果 相同)。 ...