This year's first LPR remains unchanged, with some experts believing that the timing for a comprehensive interest rate cut may be postponed this year

Experts believe that the decision to keep the first LPR unchanged this year is in line with expectations. From the perspective of the LPR quotation mechanism, the 7-day reverse repurchase operation rate, which is the main reference for LPR pricing, has not changed, making it difficult for the LPR to decrease. Some experts believe that after the recent structural "interest rate cut" by the central bank, the timing for a comprehensive interest rate cut this year may be postponed. Mingming, chief economist at CITIC Securities, stated that considering the structural "interest rate cut" has already reduced the cost of liabilities for commercial banks to some extent, coupled with the typically high growth in credit at the beginning of the year, the urgency for a total interest rate cut is not high. According to Wang Qing, chief macro analyst at Dongfang Jincheng, considering the need to stabilize the real estate market this year, it is expected that financial management departments may guide the LPR for terms longer than 5 years to decline significantly, and in conjunction with fiscal interest subsidies, promote a larger reduction in residential mortgage rates. (China Securities Journal)