20个月来首降息 中人行降1年期LPR至3.8%
(中国‧北京20日讯)中国人民银行(人行)20日正式下调政策利率,将1年期LPR(贷款市场报价利率)下调5个基点,报3.8%,上次为3.85%;5年期LPR报4.65%,维持不变。此次为人行20个月以来首次大幅下调基准贷款利率,上一次LPR利率下调发生在2020年4月。
业内人士认为,此次调整主因两次降准触发LPR报价最小调整步长,且在银行负债成本下降背景下,亦有下调报价空间;不过5年期仍维持不变,表明在“房住不炒”主基调下楼市依然稳字当头。
上海一私募机构研究人士说:“应该说是符合预期,降了两次准,调整阈值应该也到了。”
自12月15日人行下调存款准备金率,缩量开展5000亿元(人民币,下同)MLF(中期借贷便利)操作以来,市场就一直关注贷款市场报价利率(LPR)利率是否会下调,20日果然如期而至。
国金证券固收蔡浩团队此前认为,若本月LPR报价调降,主要原因在于:两次全面降准加大LPR调降的可能性。
此前2019年9月,在MLF利率未变、人行实施全面降准的背景下,LPR调降5个基点。
2020年1月全面降准虽未能引起当月LPR变动,但2020年9月人行货政报告增刊中对此说明“降准当月均有部份报价行根据自身情况下调报价,并带动报价的算术平均值下行0.02至0.03个百分点,但因为变动小于LPR的最小调整步长,向0.05%就近取整后,两次降准当月只有一次触发LPR变化”。
2021年人行已经于7月和12月完成两次全面降准,本月LPR报价下行空间已被打开,下调超过最小调整步长的可能性较大。
人行上周在公开市场全口径净回笼4500亿元。
上周三的降准实施日,人行缩量续做12月中期借贷便利(MLF),不过5000亿元的操作规模稍超预期。在充份呵护年末流动性的同时MLF利率依旧不变,人行在政策节奏上仍保持定力。
分析人士并指出,经济基本面压力不减,货币政策还将持续提供必要的支持。本次MLF降息预期落空,从为实体减负的角度来看,LPR先降息可能是更为合理的选择。
https://www.sinchew.com.my/20211220/20%E4%B8%AA%E6%9C%88%E6%9D%A5%E9%A6%96%E9%99%8D%E6%81%AF%E3%80%80%E4%B8%AD%E4%BA%BA%E8%A1%8C%E9%99%8D1%E5%B9%B4%E6%9C%9Flpr%E8%87%B33-8%E3%80%80/
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