Zhongxin Finance, March 21 (Gong Hongyu Zuo Yukun) The People's Bank of China authorized the National Interbank Funding Center to announce that on March 21, 2022, the one-year loan market quoted interest rate (LPR) is 3.7%, 5 years The LPR above the period was 4.6%.

Continue unchanged.

　　After the meeting of the Financial Committee on the 16th, the market expects that the LPR may be lowered to boost the market, but at present, the LPR has been "keep on hold" for two consecutive months, why?

"Descent conditions not met"

　　Wen Bin, chief researcher of China Minsheng Bank, explained that, from the perspective of the reasons, the interest rate and the addition of points of the medium-term lending facility (MLF) composed of LPR did not meet the conditions for decline.

On March 15, the central bank operated 10 billion yuan of reverse repurchase in equal amount and continued to do 200 billion yuan of MLF in excess, and the winning rates were 2.1% and 2.85% respectively, the same as before.

The policy rate has not been lowered, which indicates that the LPR quotation this month is likely to remain unchanged.

　　Dong Ximiao, chief researcher of China Merchants Union Finance, believes that the start of interest rate hikes in the United States is also one of the reasons why the LPR remained unchanged from last month.

Wen Bin also pointed out that the United States announced last week that it would raise the benchmark interest rate by 25 basis points, and there is a high probability that it will make arrangements to shrink its balance sheet in May.

The 10-year Treasury yield spread between China and the U.S. has now narrowed to more than 60 basis points.

　　"At present, the LPR level has been at a historical low level for nearly three years, and the marginal effect of lowering LPR on boosting the economy is weakened, and the sustainability is not high. Uncertain factors such as international interest rate hike pressure and geographical conflicts require my country to leave room for monetary policy. ” said Xu Xiaole, chief market analyst at Shell Research Institute.

Data map: RMB.

Photo by China News Agency reporter Hou Yu

"Consistent with a sound policy tone"

　　Xu Xiaole believes that the unchanged LPR in March reflects the country's consideration of a stable and sustainable economic policy, and it is also an objective need for my country's fiscal and monetary policies to coordinate and implement precise policies.

　　Zhao Xijun, co-director of the China Capital Market Research Institute of Renmin University of China, said in an interview with Zhongxin Finance that the financial committee meeting held on the 16th has provided enough confidence for the market, sent a positive signal, and hedged the impact of the Fed's interest rate hike. .

　　"After the Fed raised interest rates, the Chinese market has not been greatly impacted, and it is still rising steadily. In the future, it will remain the keynote to minimize policies that have an impact on the market and maintain a stable and sustainable policy." Zhao Xijun said.

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