Last month, the market quotation rate (LPR) of one-year loans was 3.65%, and the market quotation rate of loans over five years was 4.30%, which means that the LPR of one-year loans and loans over five years remained unchanged this month.
Since the beginning of this year, the quoted interest rate in the loan market has been lowered three times, with 1 month, 1 year LPR and 5-year LPR lowered by 10BP and 5BP respectively. In May, the five-year LPR was lowered by 15BP, the biggest decline since the LPR reform in August, 20 19. In August, LPR decreased asymmetrically, that is, 1 year LPR decreased by 5 basis points, and over 5 years LPR decreased by 15 basis points.
(Historical trend chart of LPR varieties, source: National Interbank Funding Center)
"Since the asymmetric downward adjustment of LPR in August, the LPR quotation has been" inactive "in recent months, mainly because the policy interest rates such as MLF remain unchanged, the rapid upward interest rate of funds and market fluctuations have put pressure on the debt side of banks, and the net interest margin under insufficient credit demand is at a historical low. There is no corresponding downward adjustment space for LPR quotation. " The chief economist of Minsheng Bank told reporters.
It is reported that the loan market quotation (LPR) is quoted by the quoting banks by adding the open market operating interest rate (mainly referring to the medium-term lending convenience rate), which is calculated by the National Interbank Funding Center, providing pricing reference for bank loans. At present, LPR includes 1 year and more than 5 years.