The latest LPR quotation is released, and experts generally believe that the second quarter will be the window for monetary policy

On April 21, today, the new loan market quotation rate (LPR) was released. The 1-year LPR was 3.1%, and the LPR for more than 5 years was 3.6%. The quotations of the two varieties continued to remain unchanged. At present, LPR has been "sitting still" for 6 consecutive months. From the perspective of economic fundamentals, our country's economic operation in the first quarter has achieved a good start, and the current social financing cost has been at a historically low level. The urgency of reducing policy interest rates and guiding LPR to decline in the short term is not strong. Disturbed by the external environment, the recent pressure on the RMB exchange rate, and the Fed's slowdown in interest rate cuts have also led to increased pressure on interest rate differentials between China and the United States, further restricting interest rate cuts. At present, the overall level of net interest margin of commercial banks is low, and quotation banks lack the willingness to adjust LPR plus points. Since April, a number of banks have cut deposit interest rates intensively to ease the cost of bank liabilities. < b > At present, the external environment has become more complex and severe, and the domestic structural transformation task is still relatively arduous. With the Ministry of Finance announcing the issuance of two types of special government bonds, releasing the signal of maintaining strong spending in the second quarter, market experts generally believe that the second quarter will be the window period for monetary policy.