中国10月LPR连续第17个月保持不变：一年期3.00%、五年期3.50% 央行推进贷款定价基准改革
上海——据路透社10月20日报道，中国周二将基准贷款利率连续第17个月保持不变，符合市场预期。一年期贷款市场报价利率（LPR）保持在3.00%，五年期LPR保持在3.50%。路透社周一对22名市场参与者的调查显示，全部受访者都预计两个期限的利率均不会调整。
路透社指出，LPR保持稳定表明，在第三季度经济增长表现强劲之后，政策层并不急于推出新的货币宽松措施，而是把重点放在改革贷款定价框架、改善货币政策传导上。中国经济第三季度同比增长4.5%，高于市场预测，降低了北京为实现全年增长目标而加大支持力度的紧迫性。
报道同时披露了定价机制改革的走向：中国央行正在考虑把主要政策利率切换为隔夜逆回购利率，以改善货币政策对经济的支持传导。中国人民银行行长潘功胜周一表示，央行还将出台政策指引推进贷款定价基准改革，推动贷款定价摆脱对LPR相对单一的依赖、转向更加多元化的基准组合。潘功胜说，一些财务实力较强的企业可以在隔夜逆回购利率与LPR之间自主选择浮动利率贷款的定价基准，隔夜利率也可以充当债券与金融衍生品的替代定价基准。
华泰证券就此表示：「最新公告延续了政策利率锚向资产端定价的转变，保持渐进的做法。这种分层设计——让大型企业可自主选择、同时让小微企业与个人继续锚定LPR——主要是为了避免对现有定价体系造成一次性冲击。」华泰证券还称，随着更多企业贷款与隔夜回购利率挂钩，该利率的波动区间可能收窄，从而增强流动性环境的稳定性。
China Leaves Loan Rates Steady for a 17th Straight Month in October: One-Year LPR at 3.00%, Five-Year at 3.50%, as PBOC Advances Loan-Pricing Reform
Shanghai — China kept its benchmark lending rates unchanged for the 17th straight month in October on Tuesday, in line with market expectations, Reuters reported on October 20. The one-year loan prime rate (LPR) was kept at 3.00%, and the five-year LPR was unchanged at 3.50%. In a Reuters survey of 22 market participants conducted on Monday, all participants predicted no change to either of the two rates.
The steady LPRs suggest policymakers are in no rush to roll out fresh monetary easing after a strong third-quarter GDP outcome, as they focus on reforming the loan pricing framework and improving monetary policy transmission, Reuters noted. China's economy expanded 4.5% year-on-year in the third quarter, topping forecasts and reducing the urgency for Beijing to step up support to meet its annual growth target.
China's central bank is considering switching its main policy rate to the overnight reverse repurchase rate, in a shift aimed at improving the transmission of monetary policy to support the economy. The People's Bank of China will also issue policy guidance to advance reform of the loan pricing benchmark, shifting lending away from a relatively narrow reliance on the LPR toward a more diversified set of benchmarks, the bank's governor Pan Gongsheng said on Monday. Some financially strong companies could opt for either the overnight reverse repo rate or the LPR as the benchmark for floating-rate loans, while the overnight rate could also serve as an alternative pricing benchmark for bonds and financial derivatives, Pan said.
Huatai Securities said: "The latest announcement extends the shift in the policy rate anchor toward asset-side pricing, maintaining a gradual approach. The tiered design - giving large firms the option while keeping small and micro enterprises and individuals anchored to the LPR - is primarily aimed at avoiding a one-off shock to the existing pricing system." It added: "As more corporate loans are linked to the overnight repo rate, the rate's fluctuation range is likely to narrow, enhancing the stability of liquidity conditions."
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图片来源：图：中国人民银行总行大楼（北京，资料图）。摄影：Boubloub，CC0（经维基共享资源）。 / The People's Bank of China headquarters building in Beijing (file photo). Photo by Boubloub, CC0, via Wikimedia Commons.
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