The quotation is unchanged!In July, the LPR interest rate was flat month -on -month, and the market must prevent risks.

The changes in LPR interest rates reflect the central bank's currency control orientation.

Today, LPR quotation was released: 1 -year LPR was reported 3.7%, and 5 -year was reported 4.45%. LPR remained unchanged in July, indicating that the central bank maintains a neutral currency attitude.

From loose to neutrality, this is a very important change in China's macro -control. The background of this change is that in the third quarter, the macro environment facing external Federal Reserve ’s interest rate hikes may exceed expectations, and the domestic real estate suspension of labor suspension of loans.

For the former's impact of global capital return to the United States, active control of currency investment is conducive to maintaining the stable currency value, and the exchange rate stability in turn is conducive to strengthening the confidence of global investors in Chinese assets.

Different from the general understanding of the latter, the central bank did not solve the problem of houses by continuing to stimulate housing loans. The CBRC responded to the "suspension of loan" issues, and the wording was very clear, reiterating the principles of "housing and not frying" and "stable price, stable house price, and stable expectations".

Overall, the central bank's monetary policy has remained motionless, and the logic of LPR continues to decline is not strong, which may disappoint many investors. Obviously, on the basis of adhering to the general principle of stabilizing the broader market, the central bank's stagedness emphasizes risk prevention. However, in the middle and long period of prospects, this kind of regulation and fine -tuning will help the Chinese economy to consolidate the bottom and stable recovery, and the overall performance will be far exceeding the risk of deep trapped landing risks.

The prospect is good, but the road is still bumpy. In the second quarter, GDP increased by 0.4%year -on -year, expected to increase by 1.1%, and the previous value increased by 4.8%; the economic performance in the second quarter was weak, or the bottom of the year. In the first half of the first half of the year, GDP increased by 2.5%. Under the goals of neither large water irrigation, it is necessary to maintain better growth and stabilize employment, market research generally expects to further increase the growth rate of about 6%in the third and fourth quarters. This challenge The difficulty is not low.

Qingdao Finance Daily/Home Media Reporter Li Dongming

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

- END -