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after the federal reserve started the interest rate cut cycle, the changes in major interest rates in my country have attracted much attention. on september 20, the people's bank of china authorized the national interbank funding center to announce that the one-year loan market benchmark rate (lpr) is 3.35%, and the lpr for more than five years is 3.85%, both of which remain unchanged.

after the federal reserve started the interest rate cut cycle, the changes in major interest rates in my country have attracted much attention. on september 20, the people's bank of china authorized the national interbank funding center to announce that the one-year loan market benchmark rate (lpr) is 3.35%, and the lpr for more than five years is 3.85%, both of which remain unchanged.

following the lpr rate cut in july, the lpr rates for august and september remained unchanged. wen bin, chief economist of china minsheng bank, believes that the reasons are: first, the 7-day reverse repurchase rate remains unchanged, and the quotation basis of lpr has not changed; second, the net interest margin of commercial banks is still under pressure, and the further reduction of lpr is limited; third, the market-based liability costs such as interbank certificates of deposit have increased, which has weakened the room for lpr to be reduced.

many experts said that the current lpr faces certain constraints for further decline. wang qing, chief macro analyst at orient securities, said that the net interest margin of banks was 1.54% in both the first and second quarters. if the policy interest rate is continuously lowered in the short term and the lpr quotation is guided to follow the downward trend, and the interest rate of existing mortgage loans is also likely to be greatly reduced, the net interest margin of banks will face greater downward pressure; if the deposit rate is lowered significantly with a focus on stabilizing the interest rate spread, it may cause bank deposits to "move", which is not conducive to the stability of bank operations. therefore, the interest rate cut process requires a balance of multiple parties.