On October 20, the People's Bank of China authorized the National Interbank Loan Center to announce that the latest loan market quoted interest rates are 3.0% for 1-year LPR and 3.5% for LPR over 5 years. The above LPR is valid until the next LPR is issued. Wang Qing and Feng Lin of Dongfang Jincheng's research team pointed out that the LPR prices for the two varieties remained unchanged in October, in line with market expectations. Mainly, the central bank adjusted and perfected a number of monetary policy instruments at the end of September, and the main policy interest rate remained stable, which meant that the pricing basis for the October LPR quotation did not change. Furthermore, the current net interest spreads of banks are still near historic lows, and the quoting banks lack the motivation to take the initiative to lower LPR quotes and add points. Wang Qing and Feng Lin further believe that the root cause of recent stability in LPR prices is that the GDP growth rate rebounded to 4.5% in the third quarter, and the new productivity sector represented by high-tech manufacturing accelerated development. In this context, aggregate monetary policy maintains strength, monetary policy increases countercyclical adjustment, and gives priority to choosing structural monetary policy instruments to exert strength.

On October 20, the People's Bank of China authorized the National Interbank Loan Center to announce that the latest loan market quoted interest rates are 3.0% for 1-year LPR and 3.5% for LPR over 5 years. The above LPR is valid until the next LPR is issued. Wang Qing and Feng Lin of Dongfang Jincheng's research team pointed out that the LPR prices for the two varieties remained unchanged in October, in line with market expectations. Mainly, the central bank adjusted and perfected a number of monetary policy instruments at the end of September, and the main policy interest rate remained stable, which meant that the pricing basis for the October LPR quotation did not change. Furthermore, the current net interest spreads of banks are still near historic lows, and the quoting banks lack the motivation to take the initiative to lower LPR quotes and add points. Wang Qing and Feng Lin further believe that the root cause of recent stability in LPR prices is that the GDP growth rate rebounded to 4.5% in the third quarter, and the new productivity sector represented by high-tech manufacturing accelerated development. In this context, aggregate monetary policy maintains strength, monetary policy increases countercyclical adjustment, and gives priority to choosing structural monetary policy instruments to exert strength.