In September, LPR maintained unchanged 5 -year varieties and still had room to regulate during the year.

Reporter Liu Qi

On September 20, the new phase of LPR (market loan quotation interest rate) was released. The People's Bank of China (hereinafter referred to as the "Central Bank") authorized the National Bank of China Interbank Borrowing Center to announce that the one -year LPR was 3.65%and the LPR of more than 5 years was 4.3%. Both varieties are consistent with the previous value, which is in line with market expectations.

Wen Bin, chief economist of Minsheng Bank, said in an interview with a reporter from the Securities Daily that in September, the quotation of LPR and more than 5 -year LPR in September remained unchanged. The 1 -year MLF (convenient for medium -term borrowing), the bid interest rate is 2.75%, which remains unchanged; on the other hand, LPR is linked to MLF. In the context of MLF interest rates that have not been adjusted, the foundation of LPR quotation in September has not changed.

Although LPR has not been reduced this month, financial support for the real economy has not decreased. "Considering the continuous introduction of the continued policy of steady growth in August, it is an important point for reducing the cost of reducing the real economy financing. In addition, the effect of the LPR quotation in August is gradually reflected. Judging from the leap in September . "Wang Qing, chief macro analyst of Dongfang Jincheng, believes.

Since the beginning of this year, the 1 -year LPR has accumulated 15 basis points, and LPR has a total of 35 basis points over 5 years. The interviewed analysts believe that there is still room for reduction in LPR for more than 5 years during the year.

"Considering that the recent interest margin of commercial banks has been at a historical low, 1.5 trillion MLF will expire in October and November. In the future Differential pressure, restrictions on the main body of credit expansion, continue to promote the transformation of wide currencies to wide credit, unblock monetary policy transmission mechanisms, release monetary policy efficiency, and effectively improve the quality and efficiency of serving the real economy. " Pang Ye, the director of the scholar and research department, told the Securities Daily that LPR, especially more than 5 years, still has room to continue to decline during the year.

Wen Bin believes that macro data in August shows that under the influence of factors such as a stable growth policy and continuing policy in the early stage, and the decline of the basis of the same period last year, economic indicators such as industrial production, investment, and consumption have been picked up, but the overall is still still Devour from normal operation. In the fourth quarter, if the growth rate of exports continued to decline and the real estate industry chain could not be repaired as expected, it would continue to drag the economy. To this end, under the environment where the deposit interest rate is reduced, it continues to guide the decline in LPR for more than 5 years to support the medium and long -term investment and stabilizing real estate in infrastructure and manufacturing, which is particularly important to stimulate the release of potential credit demand.

"For the 1 -year LPR, in the case of the low pressure drop of the current offer, the interest rate point of high -quality corporate loans is lower, and even with some regular deposits pricing, if it continues to be lowered, it is easy to exacerbate the arbitrage behavior of the enterprise. The probability of subsequent decreases decreased again. "Wen Bin added.

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