Core Viewpoint - The People's Bank of China has maintained the LPR rates for both 1-year and 5-year terms at 3.0% and 3.5% respectively for four consecutive months, aligning with market expectations [2] Group 1: LPR Rates - The 1-year LPR remains at 3.0% and the 5-year LPR at 3.5%, unchanged for four months [2] - The stability in policy rates, particularly the central bank's 7-day reverse repurchase rate, indicates no changes in the pricing basis for LPR this month [2] Group 2: Future Expectations - Industry experts anticipate a potential new round of interest rate cuts and reserve requirement ratio reductions in the fourth quarter, which may lead to a decrease in LPR rates [2] - A significant reduction in loan rates for enterprises and residents is expected, aimed at stimulating internal financing demand and promoting consumption and investment [2] - There is an expectation for stronger policies to stabilize the real estate market, potentially leading to a more substantial decrease in residential mortgage rates through targeted adjustments to the 5-year LPR [2]

Group 1 - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively, aligning with market expectations [1] - The stability in LPR quotes is attributed to unchanged policy rates and a lack of incentive for banks to lower LPR amid historically low net interest margins [1] - Macro data such as consumption, investment, and industrial production have shown a decline due to multiple factors including extreme weather and real estate market adjustments, but fiscal policies have been strengthened [1] Group 2 - The high tariff policies from the U.S. are expected to further impact global trade and China's exports in Q4, increasing the necessity for policies aimed at stabilizing growth and employment [3] - There is potential for a new round of interest rate cuts and reserve requirement ratio reductions by the central bank in Q4, which could lead to lower LPR quotes and stimulate internal financing demand [3] - The need for stronger policies to stabilize the real estate market is anticipated, with expectations for regulatory measures to guide down the 5-year LPR, thereby reducing mortgage rates and boosting housing demand [3]

Group 1 - The core viewpoint of the articles indicates that the LPR (Loan Prime Rate) for both 1-year and 5-year terms remains unchanged at 3.0% and 3.5% respectively, aligning with market expectations and reflecting a stable policy rate environment [1][2] - The stability in LPR quotes for three consecutive months is attributed to a relatively strong macroeconomic performance in the first half of the year, reducing the necessity for adjustments in the short term [1] - There is an expectation of potential downward adjustments in LPR quotes in the future, particularly in the fourth quarter, as the central bank may implement new rounds of interest rate cuts to stimulate domestic demand and counteract external economic pressures [2] Group 2 - The articles highlight that the current low inflation levels provide sufficient room for monetary policy to remain accommodative, including the possibility of interest rate cuts without immediate concerns over high inflation [2] - It is anticipated that regulatory measures will be strengthened in the second half of the year to support the real estate market, including potential reductions in the 5-year LPR to alleviate high mortgage rates and stimulate housing demand [2]

Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively, which aligns with market expectations [2][2]. Group 1: LPR Quotation Stability - The LPR quotations for August remained unchanged due to the stability of the policy interest rate (7-day reverse repurchase rate) throughout the month, indicating no changes in the pricing basis for LPR [2][2]. - Market interest rates have recently risen, influenced by factors such as anti-involution trends, which has reduced the motivation for banks to lower the LPR quote further, especially given the historically low net interest margins [2][2]. Group 2: Economic Context and Future Expectations - The continuous stability of the LPR for three months is fundamentally attributed to a relatively strong macroeconomic performance in the first half of the year, reducing the immediate need for downward adjustments to strengthen counter-cyclical regulation [2][2]. - Industry experts anticipate that the central bank may implement a new round of interest rate cuts and reserve requirement ratio reductions around the beginning of the fourth quarter, which could lead to a subsequent decrease in LPR quotations [2][2].

记者：潘福达 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010-85202353 8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版LPR报价：1年期品种报3.0%，上月为3.0%；5年期以上品种报3.5%，上月为3.5%。8月两个 期限品种的LPR报价保持不变，符合市场预期。 图片来源：IC photo 8月以来政策利率（央行7天期逆回购利率）保持稳定，意味着当月LPR报价的定价基础没有变化，已在很大程度上预示8月LPR报价会保持不动。另外，受 反内卷牵动市场预期等影响，近期市场利率有所上行，在商业银行净息差处于历史最低点的背景下，报价行也缺乏主动下调LPR报价加点的动力。由此，8 月两个期限品种的LPR报价不动符合市场普遍预期。 来源：北京日报客户端 东方金诚宏观研究团队认为，从根本上说，LPR报价连续三个月保持不动，主要源于上半年宏观经济稳中偏强，短期内通过引导LPR报价下调强化逆周期调 节的必要性不高，当前处于政策观察期。往后看，受多重因素影响，7月宏观经济数据波动下行，接下来外需有可能较快放缓，三季度经济下行压力会有所 加大。未来在大力提振内需、" ...

Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) at 3.0% for the one-year term and 3.5% for the five-year term, indicating a stable monetary policy outlook in the short term [1][2]. Group 1: LPR Quotation and Monetary Policy - The LPR remained unchanged in June after a 10 basis points (bp) reduction in May, aligning with market expectations and suggesting limited necessity for further monetary policy easing in the near term [1][2]. - The new monetary policy framework positions the 7-day reverse repurchase rate as the primary policy rate, enhancing the transmission of interest rates from short-term to long-term [2][4]. Group 2: Bank Margins and Economic Conditions - Bank net interest margins are under pressure, with the latest data showing a decline to a historical low of 1.43% at the end of Q1, down 9 bps from the previous quarter [2][3]. - The "four balances" principle introduced in this year's Two Sessions emphasizes the importance of maintaining stable interest margins as a key objective of monetary policy [3]. Group 3: Future Outlook and External Factors - Analysts suggest that while there is potential for LPR adjustments, external uncertainties and the need for a balanced approach to monetary policy may limit the extent of future rate cuts [4][5]. - The PBOC's recent reduction of the provident fund loan rate by 0.25 percentage points is expected to create room for further reductions in residential mortgage rates, which could stimulate housing demand [5].

Group 1: LPR Pricing Stability - The LPR rates for June remain unchanged at 3.0% for the 1-year term and 3.5% for the 5-year term, consistent with market expectations[1] - The stability in LPR pricing is attributed to the lack of significant changes in factors affecting LPR adjustments following the May policy rate cut[2] - A policy observation period is anticipated in the short term, with LPR rates likely to remain stable[2] Group 2: Future Outlook and Economic Impact - There is potential for LPR rate cuts in the second half of the year due to uncertainties in the external environment and efforts to boost domestic demand[2] - The central bank is expected to continue lowering interest rates, which will lead to further reductions in LPR rates, thereby decreasing financing costs for the real economy[2] - The recent reduction of 0.25 percentage points in public housing loan rates opens up space for further cuts in commercial mortgage rates[3] - Regulatory measures may be implemented to guide the 5-year LPR rates downward, significantly impacting residential mortgage rates and stimulating housing demand[3]

Core Viewpoint - The People's Bank of China has lowered the Loan Prime Rate (LPR) by 0.1 percentage points for both the 1-year and 5-year terms, which is expected to reduce repayment pressure for borrowers while simultaneously leading to a decrease in deposit interest rates for savers [1][3][4]. Summary by Relevant Sections LPR Adjustment - The 1-year LPR has been reduced from 3.10% to 3.00%, and the 5-year LPR has decreased from 3.60% to 3.50% [1][3]. - This adjustment follows a series of financial policies announced by the central bank, including a 0.1 percentage point reduction in the policy interest rate [3][4]. Impact on Deposit Rates - Major banks have begun to lower deposit rates, with the interest rate for demand deposits dropping from 0.10% to 0.05% [1][8]. - The overall deposit rates are expected to decrease by approximately 0.11 to 0.13 percentage points, which will help stabilize banks' net interest margins [1][7]. Economic Context - The reduction in LPR is part of a broader strategy to stimulate investment and consumption amid external economic pressures, particularly from U.S. tariffs [3][4]. - The central bank aims to lower financing costs for both enterprises and households, thereby enhancing domestic demand to counteract slowing external demand [3][4]. Future Expectations - Analysts predict that there is a significant likelihood of further reductions in the 5-year LPR to support the real estate market and address high mortgage rates [4][5]. - The banking sector anticipates additional interest rate cuts, which would align with the market-driven adjustments of deposit rates [5][9]. Market Dynamics - The current environment has led to a historical low in the net interest margin for commercial banks, recorded at 1.43%, which is below the 1.8% warning level [7][9]. - The trend of lowering deposit rates is expected to encourage more consumption and investment, thereby enhancing economic vitality and optimizing asset allocation [9].

Group 1: LPR Adjustment - The LPR for 1-year and 5-year terms was lowered by 0.1 percentage points to 3.0% and 3.50% respectively[1] - This marks the first reduction after six months of stability, driven by a recent package of financial policies from the central bank[2] - The adjustment reflects a change in the pricing basis for LPR, indicating a transmission of policy rate adjustments to loan market rates[2] Group 2: Economic Context - The reduction in LPR is a response to the escalation of the US-China tariff conflict, necessitating stronger counter-cyclical adjustments in macro policy[2] - Lowering policy rates aims to stimulate domestic demand to offset external demand slowdown, thereby stabilizing economic operations[2] - The central bank is expected to continue implementing interest rate cuts in the second half of the year due to ongoing uncertainties in the external environment[3] Group 3: Impact on Deposits and Banks - The 1-year LPR reduction is anticipated to lead to a comprehensive decrease in deposit rates, averaging a decline of 0.1 percentage points[4] - Short-term deposit rates will see smaller reductions, while longer-term deposit rates may experience more significant declines[4] - The latest data shows that the net interest margin for commercial banks fell to 1.43% in Q1 2025, down by 0.09 percentage points, marking a historical low[4]

Group 1: LPR Pricing Analysis - The April LPR remained unchanged at 3.10% for the 1-year term and 3.60% for the 5-year term, consistent with market expectations[4] - The stability in LPR pricing is attributed to unchanged policy rates and historically low bank net interest margins, reducing the incentive for banks to lower LPR[7] - The LPR has not changed since the beginning of the year, reflecting a strong economic performance in Q1, despite a shift in monetary policy towards moderate easing[7] Group 2: Future Expectations - A policy interest rate cut is anticipated in Q2, potentially leading to a 30 basis point reduction in LPR, similar to the total cut from the previous year[7] - This expected reduction in LPR is aimed at lowering financing costs for businesses and households, thereby stimulating consumption and investment to enhance domestic demand[7] - Future LPR adjustments may pressure banks' net interest margins, which will be mitigated by guiding deposit rates downwards and reducing funding costs[8]