Wen bin, chief researcher of China Minsheng Bank, said that on the whole, the LPR quotation did not fall this month, which was in line with market expectations and basically adapted to the economic recovery. Since the second half of this year, China's economy and society have gradually recovered from the impact of the epidemic. Previously, the main economic data released by the National Bureau of statistics in October basically met expectations. Production and demand have accelerated along the recovery path, and the economy can achieve positive growth throughout the year. With the stabilization and recovery of the economy, the margin of moderately loose monetary policy has been tightened, focusing more on precision orientation

Wang Qing, chief Macro Analyst of Dongfang Jincheng, further said that since May, the LPR quotation has remained unchanged for seven consecutive months, and the fundamental reason is that during this period, the macro economy appeared & ldquo; V-reverse & rdquo;. Recently, regulators said on several occasions that at present & ldquo; China's economy is relatively strong;, Or & ldquo; Economic growth is better than expected & rdquo;; Meanwhile, the urban unemployment rate fell to 5.3% in October, far below the control target of 6.0% this year. This means that there is no need to reduce the policy interest rate in the short term, and the monetary policy enters & ldquo; Observation period;, More emphasis should be placed on a good balance between steady growth and risk prevention. Among them, in order to combat financial idle arbitrage and prevent flooding, the short-term market interest rate represented by dr007 and the medium-term market capital interest rate center represented by interbank deposit certificate issuance interest rate have risen successively since mid and late May, & ldquo; Tight money & rdquo; The process continues to advance. This inevitably leads to the corresponding rise of the average marginal capital cost of banks, which restricts the quotation banks from compressing the LPR quotation points

For the direction of monetary policy in the next stage, the central bank said at the policy briefing held at the beginning of this month that in the next stage, the prudent monetary policy will be more flexible, appropriate and precise oriented, according to the form