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On May 20, 2025, the People's Bank of China announced a 10-basis-point reduction in the Loan Prime Rate (LPR), which was the first such reduction since October of the previous year.According to the authorization of the People's Bank of China, the National Interbank Funding Center announced that on May 20, 2025, the 1-year LPR was 3.00%, and the 5-year and above LPR was 3.50%, both of which were 10 basis points lower than the previous period. This reduction will further lower the financing costs for enterprises and residents. Taking a personal mortgage loan with a principal of 1 million yuan, a term of 30 years, and equal principal and interest as an example, this 10-basis-point decrease in the LPR will reduce the monthly payment by approximately 54 yuan and the total repayment amount by approximately 20,000 yuan.At the same time, state-owned major banks and many joint-stock banks simultaneously lowered deposit interest rates, with the one-year deposit interest rate falling below 1% for the first time. The larger-than-LPR decrease in deposit interest rates helps reduce banks' liability costs and creates space for the downward adjustment of LPR quotations.
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