Wang Qing, chief macro analyst at Dongfang Jincheng, believes that the central bank's 7-day reverse repurchase interest rate has remained stable, which means that the pricing basis for the December LPR price has not changed, which largely indicates that the LPR price for the month will remain unchanged. Furthermore, since December, interest rates in major medium- and long-term markets, including the yield at maturity of 1-year interbank deposits, have been rising steadily, and commercial banks' financing costs in the money market have risen slightly. Against the backdrop that commercial banks' net interest spreads are at an all-time low, current quoting banks also lack the motivation to actively lower LPR quotes and points. The chief economist of CITIC Securities clearly believes that in response to this round of LPR pricing, although financial and economic data are weak in terms of necessity, and the RMB exchange rate is resilient and the overseas interest rate cut cycle continues, the current interest rate pressure on commercial banks is still high. Future interest rate reduction tools may also be used flexibly based on the credit repair situation in the first quarter of next year. Overall, the monetary policy easing environment has not changed.

Wang Qing, chief macro analyst at Dongfang Jincheng, believes that the central bank's 7-day reverse repurchase interest rate has remained stable, which means that the pricing basis for the December LPR price has not changed, which largely indicates that the LPR price for the month will remain unchanged. Furthermore, since December, interest rates in major medium- and long-term markets, including the yield at maturity of 1-year interbank deposits, have been rising steadily, and commercial banks' financing costs in the money market have risen slightly. Against the backdrop that commercial banks' net interest spreads are at an all-time low, current quoting banks also lack the motivation to actively lower LPR quotes and points. The chief economist of CITIC Securities clearly believes that in response to this round of LPR pricing, although financial and economic data are weak in terms of necessity, and the RMB exchange rate is resilient and the overseas interest rate cut cycle continues, the current interest rate pressure on commercial banks is still high. Future interest rate reduction tools may also be used flexibly based on the credit repair situation in the first quarter of next year. Overall, the monetary policy easing environment has not changed.