The market quoted interest rate of the new loan is not adjusted

On September 20, the market quoted interest rate (LPR) of the new phase of loan was released. China's 1-year and 5-year LPR has not been adjusted, and the 1-year LPR is still 3.45%.

The picture is from the website of the People's Bank of China

On the same day, the People's Bank of China authorized the National Interbank Funding Center to announce that the 1-year LPR was 3.45%, and the 5-year LPR was 4.2%, both unchanged from the previous period.

As an important reference for LPR quotation, the People's Bank of China launched a 591 billion yuan medium-term lending facility (MLF) operation on the 15th of this month, and the bid winning interest rate was 2.5%, which was the same as the previous one. Experts believe that although the second RRR reduction in the year was also implemented on the 15th of this month, releasing medium and long-term liquidity of more than 500 billion yuan, MLF's bid winning interest rate has not been adjusted this month, and the bank also lacks the incentive to reduce LPR's quotation points, so LPR has not been adjusted.

"Decreasing the interest rate of the first set of housing loans in stock will inevitably have a certain impact on the interest income of banks, and the net interest margin of banks will be further pressured." Wang Qing, chief macro analyst of Oriental Jincheng, said that recently, due to the significant increase in credit supply, the accelerated progress of special bond issuance and other factors, the market interest rate has risen significantly since September, The rise in the cost of bank funds weakened the power of the quotation bank to reduce the LPR quotation points.

At present, LPR has replaced the benchmark loan interest rate as the "anchor" of loan interest rate pricing, which is released regularly every month. LPR adjustment has strong directionality and guidance. LPR downturn can drive down the real interest rate of enterprise financing and drive down the financing cost of the real economy. After the two LPR declines in June and August, the 1-year LPR has dropped by 20 basis points this year, and the corporate loan interest rate in the first eight months has fallen to the historical low since statistics.

key word: LPR Market quotation Loan benchmark interest rate Market interest rate lending rate