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China's October loan market interest rate quotation (LPR) was stable, which was beyond the expectation of most people's slight continuous decline. Industry insiders said that this may be due to the fact that the CPI hit 3% in September, which hindered the continuous decline of LPR. However, considering the record low GDP growth in the third quarter, as a new benchmark for the financing cost of the real economy, especially the LPR with a one-year period as the main factor, there is still another downward trend.
They also believe that whether it is to stabilize liquidity or reduce the cost of bank liabilities, the new reduction period is only slightly different in the judgment of time points within and after the year.
In August, the people's Bank of China launched a new LPR mechanism. In the latest quotation in October, the one-year LPR was 4.20%, and the interest rate of varieties with more than five years was 4.85%, which was the same as the last one. In August and September, the previous one-year period was reduced by 6 and 5 basis points (BP), and the new varieties with more than five-year period were first reported at 4.85% in August, which has not changed so far.
Li Miaoxian, the macro director of the asset liability management department of Jiangnan agricultural commercial bank, thinks that the LPR is flat this time, "probably related to the higher CPI. Although the LPR has not been lowered, the real loan interest rate of the enterprise is likely to decrease through the compression of the increase point. "
China's consumer price index (CPI) rose 3% year-on-year in September, entering the "3" era; it was 2.9% higher than the median value of Reuters survey and 2.8% last month, reaching a six-year high; the year-on-year growth rate of GDP in the third quarter released on Friday fell to a record low of 6% higher than expected, and in the next quarter or two, the downward pressure is hard to ease due to the global economic environment.

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