小产权房558果然_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>降息_blank class=infotextkey>get=_blank class=infotextkey>”了，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月_blank class=infotextkey>get=_blank class=infotextkey>20日，_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>市场报价_blank class=infotextkey>get=_blank class=infotextkey>利率（LPR）在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改革后，迎_blank class=infotextkey>get=_blank class=infotextkey>来了_blank class=infotextkey>第四次报价，1年期_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>市场报价_blank class=infotextkey>get=_blank class=infotextkey>利率（LPR）为4.15%，此前为4._blank class=infotextkey>get=_blank class=infotextkey>2%。_blank class=infotextkey>get=_blank class=infotextkey>5年期_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>市场报价_blank class=infotextkey>get=_blank class=infotextkey>利率（LPR）为4.8%，此前为4.85%。
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_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>近日，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国是否_blank class=infotextkey>get=_blank class=infotextkey>进入_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>降息周期_blank class=infotextkey>get=_blank class=infotextkey>”引起了_blank class=infotextkey>get=_blank class=infotextkey>市场的极_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>关注。先来_blank class=infotextkey>get=_blank class=infotextkey>回顾_blank class=infotextkey>get=_blank class=infotextkey>一_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>央行_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>近期的一_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系列措施。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月5日，一年期MLF的_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>中标_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>降低5个基点，至_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>25%；_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月18日_blank class=infotextkey>央行将7天期逆_blank class=infotextkey>get=_blank class=infotextkey>回购_blank class=infotextkey>get=_blank class=infotextkey>操作（OMO_blank class=infotextkey>get=_blank class=infotextkey>利率）_blank class=infotextkey>get=_blank class=infotextkey>中标_blank class=infotextkey>get=_blank class=infotextkey>利率，_blank class=infotextkey>get=_blank class=infotextkey>下调5个基点，为_blank class=infotextkey>get=_blank class=infotextkey>2.5%；_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月_blank class=infotextkey>get=_blank class=infotextkey>19日，_blank class=infotextkey>央行以_blank class=infotextkey>get=_blank class=infotextkey>利率招标_blank class=infotextkey>get=_blank class=infotextkey>方式_blank class=infotextkey>get=_blank class=infotextkey>开展了_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中央国_blank class=infotextkey>get=_blank class=infotextkey>库_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商业_blank class=infotextkey>get=_blank class=infotextkey>银行_blank class=infotextkey>定期存款_blank class=infotextkey>get=_blank class=infotextkey>操作_blank class=infotextkey>get=_blank class=infotextkey>500亿元，_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>中标_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>3.18%，比_blank class=infotextkey>get=_blank class=infotextkey>上一次_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>中标_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>降低_blank class=infotextkey>get=_blank class=infotextkey>2个基点。
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>出炉的LPR报价_blank class=infotextkey>get=_blank class=infotextkey>迎来_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>面_blank class=infotextkey>get=_blank class=infotextkey>下调。
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国_blank class=infotextkey>get=_blank class=infotextkey>人民_blank class=infotextkey>get=_blank class=infotextkey>银行授权_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国_blank class=infotextkey>get=_blank class=infotextkey>银行间同业_blank class=infotextkey>get=_blank class=infotextkey>拆借_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中心_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公_blank class=infotextkey>get=_blank class=infotextkey>布，_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月_blank class=infotextkey>get=_blank class=infotextkey>20日_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>市场报价_blank class=infotextkey>get=_blank class=infotextkey>利率（LPR）为：1年期LPR为4.15%，_blank class=infotextkey>get=_blank class=infotextkey>5年期以_blank class=infotextkey>get=_blank class=infotextkey>上LPR为4._blank class=infotextkey>get=_blank class=infotextkey>80%，均较_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>10月_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降5个基点，其_blank class=infotextkey>get=_blank class=infotextkey>中，_blank class=infotextkey>get=_blank class=infotextkey>作为_blank class=infotextkey>get=_blank class=infotextkey>新发放_blank class=infotextkey>get=_blank class=infotextkey>房贷参考依据的_blank class=infotextkey>get=_blank class=infotextkey>5年期LPR在8月_blank class=infotextkey>get=_blank class=infotextkey>20日亮相后_blank class=infotextkey>get=_blank class=infotextkey>首次_blank class=infotextkey>get=_blank class=infotextkey>迎来_blank class=infotextkey>get=_blank class=infotextkey>下调。以_blank class=infotextkey>get=_blank class=infotextkey>上LPR在_blank class=infotextkey>get=_blank class=infotextkey>下一次_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布LPR_blank class=infotextkey>get=_blank class=infotextkey>之前_blank class=infotextkey>get=_blank class=infotextkey>有效。
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前期_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>利率接连_blank class=infotextkey>get=_blank class=infotextkey>下调，为LPR_blank class=infotextkey>get=_blank class=infotextkey>下行做足铺垫。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月初，1年期MLF_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降5个基点，直接导致MLF_blank class=infotextkey>get=_blank class=infotextkey>利率加点的LPR_blank class=infotextkey>get=_blank class=infotextkey>有所_blank class=infotextkey>get=_blank class=infotextkey>下行，18日，7天逆_blank class=infotextkey>get=_blank class=infotextkey>回购_blank class=infotextkey>get=_blank class=infotextkey>利率也_blank class=infotextkey>get=_blank class=infotextkey>下行5个基点，长短端_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金指导_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下调，使得_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>收益率曲线整_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>下移。
自8月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改革至_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月_blank class=infotextkey>get=_blank class=infotextkey>20日_blank class=infotextkey>get=_blank class=infotextkey>出炉的_blank class=infotextkey>第四次LPR报价，1年期LPR在8月和9月分别_blank class=infotextkey>get=_blank class=infotextkey>下调了5个基点，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>10月则按兵_blank class=infotextkey>不动，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月_blank class=infotextkey>get=_blank class=infotextkey>下调5个基点，_blank class=infotextkey>get=_blank class=infotextkey>5年期LPR在8月首度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公_blank class=infotextkey>get=_blank class=infotextkey>布后，在9月和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>10月均并未_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月则首度_blank class=infotextkey>get=_blank class=infotextkey>下调5个基点。
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国_blank class=infotextkey>get=_blank class=infotextkey>人民_blank class=infotextkey>get=_blank class=infotextkey>银行行长、_blank class=infotextkey>get=_blank class=infotextkey>国务院_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>金融稳_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>发展委员_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>办_blank class=infotextkey>get=_blank class=infotextkey>公室主任易纲_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月_blank class=infotextkey>get=_blank class=infotextkey>19日_blank class=infotextkey>get=_blank class=infotextkey>主持_blank class=infotextkey>get=_blank class=infotextkey>召开_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>金融机构_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>信贷_blank class=infotextkey>get=_blank class=infotextkey>形势_blank class=infotextkey>get=_blank class=infotextkey>分析座谈_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>时强调，要发挥好_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>市场报价_blank class=infotextkey>get=_blank class=infotextkey>利率对_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率的_blank class=infotextkey>get=_blank class=infotextkey>引导作用，_blank class=infotextkey>get=_blank class=infotextkey>推动_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>金融机构转变_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>_blank class=infotextkey>定价惯性思维，_blank class=infotextkey>真正参考_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>市场报价_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>_blank class=infotextkey>定价，_blank class=infotextkey>get=_blank class=infotextkey>促进实际_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下行。要_blank class=infotextkey>继续_blank class=infotextkey>get=_blank class=infotextkey>推进资本_blank class=infotextkey>补充_blank class=infotextkey>get=_blank class=infotextkey>工作，提_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>银行_blank class=infotextkey>get=_blank class=infotextkey>信贷_blank class=infotextkey>get=_blank class=infotextkey>投放能力。
_blank class=infotextkey>get=_blank class=infotextkey>消息一出，国债期货一度跳水。_blank class=infotextkey>get=_blank class=infotextkey>交易所逆_blank class=infotextkey>get=_blank class=infotextkey>回购_blank class=infotextkey>get=_blank class=infotextkey>利率同样_blank class=infotextkey>get=_blank class=infotextkey>出现_blank class=infotextkey>get=_blank class=infotextkey>下跌！
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A股_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，_blank class=infotextkey>get=_blank class=infotextkey>银行股跌幅靠前，整个_blank class=infotextkey>get=_blank class=infotextkey>银行板块跌去了_blank class=infotextkey>get=_blank class=infotextkey>超1%、
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而_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>创业板_blank class=infotextkey>get=_blank class=infotextkey>却_blank class=infotextkey>get=_blank class=infotextkey>意外_blank class=infotextkey>get=_blank class=infotextkey>大涨，创出_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>近期_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>高，从昨天到_blank class=infotextkey>get=_blank class=infotextkey>现在已经涨了_blank class=infotextkey>get=_blank class=infotextkey>超_blank class=infotextkey>3%！
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_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国_blank class=infotextkey>get=_blank class=infotextkey>民生_blank class=infotextkey>get=_blank class=infotextkey>银行首席_blank class=infotextkey>get=_blank class=infotextkey>研究员温彬_blank class=infotextkey>get=_blank class=infotextkey>点评_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月LPR报价称，LPR_blank class=infotextkey>get=_blank class=infotextkey>下调_blank class=infotextkey>get=_blank class=infotextkey>明确_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>价格工具传导机制，切实_blank class=infotextkey>get=_blank class=infotextkey>降低实_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>融资_blank class=infotextkey>get=_blank class=infotextkey>成本。
以_blank class=infotextkey>get=_blank class=infotextkey>下为详细_blank class=infotextkey>get=_blank class=infotextkey>点评：
——_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月_blank class=infotextkey>get=_blank class=infotextkey>20日1年期LPR为4.15%，_blank class=infotextkey>get=_blank class=infotextkey>5年期以_blank class=infotextkey>get=_blank class=infotextkey>上LPR为4._blank class=infotextkey>get=_blank class=infotextkey>80%，均较_blank class=infotextkey>get=_blank class=infotextkey>上期_blank class=infotextkey>get=_blank class=infotextkey>下调5个bp，符_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>市场预期，_blank class=infotextkey>get=_blank class=infotextkey>下调幅度与_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月5日_blank class=infotextkey>央行_blank class=infotextkey>get=_blank class=infotextkey>下调1年期MLF_blank class=infotextkey>get=_blank class=infotextkey>利率5个bp一致，从而_blank class=infotextkey>get=_blank class=infotextkey>明确了_blank class=infotextkey>央行_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>价格工具的传导机制，表明_blank class=infotextkey>央行_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>利率变动对LPR变动将产生更直接_blank class=infotextkey>get=_blank class=infotextkey>有效的_blank class=infotextkey>get=_blank class=infotextkey>影响。
——_blank class=infotextkey>get=_blank class=infotextkey>5年期以_blank class=infotextkey>get=_blank class=infotextkey>上LPR_blank class=infotextkey>get=_blank class=infotextkey>下调5个bp_blank class=infotextkey>get=_blank class=infotextkey>有助于_blank class=infotextkey>get=_blank class=infotextkey>降低_blank class=infotextkey>get=_blank class=infotextkey>刚需_blank class=infotextkey>get=_blank class=infotextkey>购_blank class=infotextkey>get=_blank class=infotextkey>房群_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>房贷_blank class=infotextkey>get=_blank class=infotextkey>成本，在当前稳_blank class=infotextkey>get=_blank class=infotextkey>增长前提_blank class=infotextkey>get=_blank class=infotextkey>下也_blank class=infotextkey>get=_blank class=infotextkey>有利于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>保持_blank class=infotextkey>get=_blank class=infotextkey>平稳_blank class=infotextkey>get=_blank class=infotextkey>发展。
——当前，_blank class=infotextkey>央行加_blank class=infotextkey>get=_blank class=infotextkey>大逆周期_blank class=infotextkey>get=_blank class=infotextkey>调控_blank class=infotextkey>get=_blank class=infotextkey>力度，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月5日和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月18日先后_blank class=infotextkey>get=_blank class=infotextkey>下调1年期MLF_blank class=infotextkey>get=_blank class=infotextkey>利率和7天逆_blank class=infotextkey>get=_blank class=infotextkey>回购_blank class=infotextkey>get=_blank class=infotextkey>利率，_blank class=infotextkey>继续_blank class=infotextkey>get=_blank class=infotextkey>引导_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>利率和LPR_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下行，这对当前切实_blank class=infotextkey>get=_blank class=infotextkey>降低实_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>融资_blank class=infotextkey>get=_blank class=infotextkey>成本、稳_blank class=infotextkey>get=_blank class=infotextkey>投资、稳_blank class=infotextkey>get=_blank class=infotextkey>增长、稳预期_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面将发挥积极作用。
——_blank class=infotextkey>get=_blank class=infotextkey>下一_blank class=infotextkey>get=_blank class=infotextkey>阶段，_blank class=infotextkey>法_blank class=infotextkey>定存款_blank class=infotextkey>get=_blank class=infotextkey>准备_blank class=infotextkey>get=_blank class=infotextkey>金率和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>利率仍_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降的_blank class=infotextkey>get=_blank class=infotextkey>空间和必要，_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>央行将_blank class=infotextkey>继续_blank class=infotextkey>get=_blank class=infotextkey>深化_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>市场化_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改革，打破_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率隐性_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>限，畅通_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策传导机制，_blank class=infotextkey>get=_blank class=infotextkey>更好_blank class=infotextkey>get=_blank class=infotextkey>地发挥_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>价格工具在逆周期调节_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中的作用，_blank class=infotextkey>get=_blank class=infotextkey>推动_blank class=infotextkey>get=_blank class=infotextkey>贷款实际_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下行。
_blank class=infotextkey>get=_blank class=infotextkey>东方_blank class=infotextkey>get=_blank class=infotextkey>金诚首席宏观_blank class=infotextkey>get=_blank class=infotextkey>分析师_blank class=infotextkey>get=_blank class=infotextkey>王青_blank class=infotextkey>解读如_blank class=infotextkey>get=_blank class=infotextkey>下：
一、此前_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>利率接连_blank class=infotextkey>get=_blank class=infotextkey>下调，本次LPR_blank class=infotextkey>get=_blank class=infotextkey>下调_blank class=infotextkey>get=_blank class=infotextkey>总_blank class=infotextkey>get=_blank class=infotextkey>体符_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>市场预期。此前，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月5日MLF_blank class=infotextkey>get=_blank class=infotextkey>操作_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下调5个基点；_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月18日_blank class=infotextkey>央行7天期逆_blank class=infotextkey>get=_blank class=infotextkey>回购_blank class=infotextkey>get=_blank class=infotextkey>利率也_blank class=infotextkey>get=_blank class=infotextkey>下调5个基点。_blank class=infotextkey>get=_blank class=infotextkey>考虑到_blank class=infotextkey>get=_blank class=infotextkey>新LPR _blank class=infotextkey>get=_blank class=infotextkey>改按_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>操作_blank class=infotextkey>get=_blank class=infotextkey>利率加点形成的_blank class=infotextkey>get=_blank class=infotextkey>方式报价，其_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>操作_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>主要指MLF（_blank class=infotextkey>get=_blank class=infotextkey>中期借贷便利）_blank class=infotextkey>get=_blank class=infotextkey>利率。由此，在MLF_blank class=infotextkey>get=_blank class=infotextkey>利率等_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下调后，本月1年期LPR报价随之_blank class=infotextkey>get=_blank class=infotextkey>下行顺理成章，而_blank class=infotextkey>get=_blank class=infotextkey>主要针对_blank class=infotextkey>get=_blank class=infotextkey>居民_blank class=infotextkey>get=_blank class=infotextkey>房贷的_blank class=infotextkey>get=_blank class=infotextkey>5年期以_blank class=infotextkey>get=_blank class=infotextkey>上品种_blank class=infotextkey>get=_blank class=infotextkey>下调则略_blank class=infotextkey>get=_blank class=infotextkey>超_blank class=infotextkey>get=_blank class=infotextkey>市场预期。
二、本次LPR_blank class=infotextkey>get=_blank class=infotextkey>下调_blank class=infotextkey>get=_blank class=infotextkey>体现_blank class=infotextkey>get=_blank class=infotextkey>“宽_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>”与_blank class=infotextkey>get=_blank class=infotextkey>“宽_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信用_blank class=infotextkey>get=_blank class=infotextkey>”同步_blank class=infotextkey>get=_blank class=infotextkey>推进，进一步_blank class=infotextkey>get=_blank class=infotextkey>释放_blank class=infotextkey>get=_blank class=infotextkey>强化逆周期调节_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信号。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月两项_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重要_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下行，正在扭转此前四个月_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>利率整_blank class=infotextkey>get=_blank class=infotextkey>体边际走_blank class=infotextkey>get=_blank class=infotextkey>高、且8月和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>10月的DR007_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>水平已_blank class=infotextkey>get=_blank class=infotextkey>高于_blank class=infotextkey>get=_blank class=infotextkey>上年同期的状况。_blank class=infotextkey>get=_blank class=infotextkey>我们判断，从_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月开始，_blank class=infotextkey>get=_blank class=infotextkey>“宽_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>”势_blank class=infotextkey>get=_blank class=infotextkey>头_blank class=infotextkey>get=_blank class=infotextkey>有望恢复。与此_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时，_blank class=infotextkey>get=_blank class=infotextkey>主要针对_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>贷款的1年期LPR走低，将_blank class=infotextkey>get=_blank class=infotextkey>带动_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下行。这意味着_blank class=infotextkey>get=_blank class=infotextkey>“宽_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>”与_blank class=infotextkey>get=_blank class=infotextkey>“宽_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信用_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>联动_blank class=infotextkey>get=_blank class=infotextkey>明显，_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策传导效率显著_blank class=infotextkey>get=_blank class=infotextkey>增强。_blank class=infotextkey>get=_blank class=infotextkey>值得_blank class=infotextkey>get=_blank class=infotextkey>注意的是，本月_blank class=infotextkey>get=_blank class=infotextkey>5年期以_blank class=infotextkey>get=_blank class=infotextkey>上LPR报价也_blank class=infotextkey>get=_blank class=infotextkey>出现5个基点的_blank class=infotextkey>get=_blank class=infotextkey>下调，这将对_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>运行形成一_blank class=infotextkey>定支撑。
三、_blank class=infotextkey>get=_blank class=infotextkey>降息过程已经_blank class=infotextkey>get=_blank class=infotextkey>启动，_blank class=infotextkey>get=_blank class=infotextkey>未来LPR还将_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>小幅_blank class=infotextkey>get=_blank class=infotextkey>下行。_blank class=infotextkey>get=_blank class=infotextkey>回顾_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>调整_blank class=infotextkey>历史，鲜见1次_blank class=infotextkey>get=_blank class=infotextkey>下调后即止步的_blank class=infotextkey>get=_blank class=infotextkey>情况，往往表现为_blank class=infotextkey>get=_blank class=infotextkey>一个_blank class=infotextkey>get=_blank class=infotextkey>连续_blank class=infotextkey>get=_blank class=infotextkey>多次的_blank class=infotextkey>get=_blank class=infotextkey>调整过程。此外，_blank class=infotextkey>央行《_blank class=infotextkey>第_blank class=infotextkey>get=_blank class=infotextkey>三季度_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策执行_blank class=infotextkey>get=_blank class=infotextkey>报告》强调：_blank class=infotextkey>get=_blank class=infotextkey>“当前外_blank class=infotextkey>部_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环境错综复杂，_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>下行_blank class=infotextkey>get=_blank class=infotextkey>压力_blank class=infotextkey>get=_blank class=infotextkey>持续加_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>”。这意味着_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>一段_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间稳_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>需求_blank class=infotextkey>get=_blank class=infotextkey>上升，_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策逆周期调节_blank class=infotextkey>get=_blank class=infotextkey>力度将_blank class=infotextkey>get=_blank class=infotextkey>持续加_blank class=infotextkey>get=_blank class=infotextkey>大，MLF_blank class=infotextkey>get=_blank class=infotextkey>利率、7天期逆_blank class=infotextkey>get=_blank class=infotextkey>回购_blank class=infotextkey>get=_blank class=infotextkey>利率仍_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>下调_blank class=infotextkey>get=_blank class=infotextkey>趋势。_blank class=infotextkey>get=_blank class=infotextkey>我们判断，从_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月开始，本轮_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策性_blank class=infotextkey>get=_blank class=infotextkey>降息过程已经_blank class=infotextkey>get=_blank class=infotextkey>启动，_blank class=infotextkey>get=_blank class=infotextkey>未来LPR也将随_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>进入_blank class=infotextkey>get=_blank class=infotextkey>一个_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>下调过程。
_blank class=infotextkey>不过，_blank class=infotextkey>get=_blank class=infotextkey>考虑到接_blank class=infotextkey>get=_blank class=infotextkey>下来_blank class=infotextkey>get=_blank class=infotextkey>“猪通胀_blank class=infotextkey>get=_blank class=infotextkey>”还将_blank class=infotextkey>get=_blank class=infotextkey>带动CPI走_blank class=infotextkey>get=_blank class=infotextkey>高，稳_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房价、稳_blank class=infotextkey>定宏观杠杆率及防控_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系统性_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>金融_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险等在_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策目标_blank class=infotextkey>get=_blank class=infotextkey>中占_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重要_blank class=infotextkey>get=_blank class=infotextkey>位置，本轮_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>调整过程将_blank class=infotextkey>get=_blank class=infotextkey>主要采取_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>小步慢行_blank class=infotextkey>get=_blank class=infotextkey>”节奏，类似美_blank class=infotextkey>get=_blank class=infotextkey>联储一次_blank class=infotextkey>get=_blank class=infotextkey>下调_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>25个基点的_blank class=infotextkey>get=_blank class=infotextkey>情况_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>大可能_blank class=infotextkey>get=_blank class=infotextkey>出现。这将_blank class=infotextkey>get=_blank class=infotextkey>有助于_blank class=infotextkey>get=_blank class=infotextkey>保留_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>空间，_blank class=infotextkey>get=_blank class=infotextkey>维护_blank class=infotextkey>get=_blank class=infotextkey>我国在_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>少数实行_blank class=infotextkey>get=_blank class=infotextkey>常态_blank class=infotextkey>get=_blank class=infotextkey>货币_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>get=_blank class=infotextkey>地位，避免_blank class=infotextkey>get=_blank class=infotextkey>出现_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>大水漫灌_blank class=infotextkey>get=_blank class=infotextkey>”现象。
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上海_blank class=infotextkey>get=_blank class=infotextkey>易居_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>研究员总监_blank class=infotextkey>get=_blank class=infotextkey>严跃进认为，LPR_blank class=infotextkey>get=_blank class=infotextkey>下调客观使得_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>有所_blank class=infotextkey>get=_blank class=infotextkey>下调，客观_blank class=infotextkey>get=_blank class=infotextkey>上让_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>有所_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降，让LPR基础_blank class=infotextkey>get=_blank class=infotextkey>利率加点计算_blank class=infotextkey>get=_blank class=infotextkey>下的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下调，对_blank class=infotextkey>get=_blank class=infotextkey>降低_blank class=infotextkey>get=_blank class=infotextkey>购_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>成本_blank class=infotextkey>get=_blank class=infotextkey>有积极作用。_blank class=infotextkey>get=_blank class=infotextkey>5年期的LPR，是针对_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>长期_blank class=infotextkey>get=_blank class=infotextkey>贷款，但其_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>主要是个_blank class=infotextkey>get=_blank class=infotextkey>人_blank class=infotextkey>get=_blank class=infotextkey>按揭_blank class=infotextkey>get=_blank class=infotextkey>贷款，对_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>影响_blank class=infotextkey>get=_blank class=infotextkey>比较_blank class=infotextkey>get=_blank class=infotextkey>大，_blank class=infotextkey>get=_blank class=infotextkey>刺激了_blank class=infotextkey>get=_blank class=infotextkey>购_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>需求。客观_blank class=infotextkey>get=_blank class=infotextkey>上也_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>带来_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>上的_blank class=infotextkey>get=_blank class=infotextkey>交易，整_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>上来讲对_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>活跃等_blank class=infotextkey>get=_blank class=infotextkey>都_blank class=infotextkey>get=_blank class=infotextkey>有较为积极的作用。
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月5日，_blank class=infotextkey>央行_blank class=infotextkey>get=_blank class=infotextkey>开展4000_blank class=infotextkey>get=_blank class=infotextkey>亿元一年期MLF_blank class=infotextkey>get=_blank class=infotextkey>操作，_blank class=infotextkey>几乎等量续作，并_blank class=infotextkey>get=_blank class=infotextkey>意外_blank class=infotextkey>get=_blank class=infotextkey>下调MLF_blank class=infotextkey>get=_blank class=infotextkey>利率5BP至_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>25%，为19个月来_blank class=infotextkey>get=_blank class=infotextkey>首次_blank class=infotextkey>get=_blank class=infotextkey>调整MLF_blank class=infotextkey>get=_blank class=infotextkey>利率。
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_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>11月18日，_blank class=infotextkey>央行_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>操作室_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公_blank class=infotextkey>get=_blank class=infotextkey>布，当日_blank class=infotextkey>get=_blank class=infotextkey>开展了1_blank class=infotextkey>get=_blank class=infotextkey>800_blank class=infotextkey>get=_blank class=infotextkey>亿元_blank class=infotextkey>get=_blank class=infotextkey>人民币逆_blank class=infotextkey>get=_blank class=infotextkey>回购_blank class=infotextkey>get=_blank class=infotextkey>操作，_blank class=infotextkey>get=_blank class=infotextkey>期_blank class=infotextkey>get=_blank class=infotextkey>限7天，_blank class=infotextkey>get=_blank class=infotextkey>中标_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>2.5%，较_blank class=infotextkey>get=_blank class=infotextkey>上次_blank class=infotextkey>get=_blank class=infotextkey>中标_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>2.55%_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降5个基点（BP），为自_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>5年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>10月_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2日以来该_blank class=infotextkey>get=_blank class=infotextkey>利率的_blank class=infotextkey>get=_blank class=infotextkey>首次_blank class=infotextkey>get=_blank class=infotextkey>下调。_blank class=infotextkey>get=_blank class=infotextkey>上一次_blank class=infotextkey>get=_blank class=infotextkey>调整7天逆_blank class=infotextkey>get=_blank class=infotextkey>回购_blank class=infotextkey>get=_blank class=infotextkey>利率是_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>3月_blank class=infotextkey>get=_blank class=infotextkey>19日，_blank class=infotextkey>get=_blank class=infotextkey>利率由_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>50%_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上调至_blank class=infotextkey>get=_blank class=infotextkey>2.55%。
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易纲强调，要坚持_blank class=infotextkey>get=_blank class=infotextkey>推进结构_blank class=infotextkey>get=_blank class=infotextkey>调整，立足当前、着眼长远，用_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改革的_blank class=infotextkey>get=_blank class=infotextkey>办法优化_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>金融_blank class=infotextkey>get=_blank class=infotextkey>资源_blank class=infotextkey>get=_blank class=infotextkey>配置。要发挥好_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>市场报价_blank class=infotextkey>get=_blank class=infotextkey>利率对_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率的_blank class=infotextkey>get=_blank class=infotextkey>引导作用，_blank class=infotextkey>get=_blank class=infotextkey>推动_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>金融机构转变_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>_blank class=infotextkey>定价惯性思维，_blank class=infotextkey>真正参考_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>市场报价_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>_blank class=infotextkey>定价，_blank class=infotextkey>get=_blank class=infotextkey>促进实际_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>下行。
1．_blank class=infotextkey>get=_blank class=infotextkey>什么是_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>市场报价_blank class=infotextkey>get=_blank class=infotextkey>利率（LPR）？
LPR是由各报价行根据本行对_blank class=infotextkey>最优质_blank class=infotextkey>get=_blank class=infotextkey>客户的_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率，以_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>操作_blank class=infotextkey>get=_blank class=infotextkey>利率（_blank class=infotextkey>get=_blank class=infotextkey>主要指_blank class=infotextkey>get=_blank class=infotextkey>中期借贷便利_blank class=infotextkey>get=_blank class=infotextkey>利率）加点形成的_blank class=infotextkey>get=_blank class=infotextkey>方式报价，由_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国_blank class=infotextkey>get=_blank class=infotextkey>银行间同业_blank class=infotextkey>get=_blank class=infotextkey>拆借_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中心（CFETS）计算得出并_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公_blank class=infotextkey>get=_blank class=infotextkey>布的基础性的_blank class=infotextkey>get=_blank class=infotextkey>贷款参考_blank class=infotextkey>get=_blank class=infotextkey>利率，是_blank class=infotextkey>get=_blank class=infotextkey>银行_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>_blank class=infotextkey>定价的_blank class=infotextkey>get=_blank class=infotextkey>主要参考_blank class=infotextkey>get=_blank class=infotextkey>基准。
_blank class=infotextkey>get=_blank class=infotextkey>2．_blank class=infotextkey>get=_blank class=infotextkey>新LPR_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>哪些关键_blank class=infotextkey>get=_blank class=infotextkey>变化？
_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>有五_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面：一是以_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>利率（MLF）为基础报价生成，二是增加_blank class=infotextkey>get=_blank class=infotextkey>5年期品种，_blank class=infotextkey>get=_blank class=infotextkey>三是报价行范围扩_blank class=infotextkey>get=_blank class=infotextkey>大，四是报价频率由_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>每日_blank class=infotextkey>get=_blank class=infotextkey>改为_blank class=infotextkey>get=_blank class=infotextkey>每月_blank class=infotextkey>get=_blank class=infotextkey>20日，五是计算方法由加权_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>改为算术_blank class=infotextkey>get=_blank class=infotextkey>平均（这使_blank class=infotextkey>get=_blank class=infotextkey>小_blank class=infotextkey>get=_blank class=infotextkey>行的报价权_blank class=infotextkey>get=_blank class=infotextkey>重和工_blank class=infotextkey>get=_blank class=infotextkey>商_blank class=infotextkey>get=_blank class=infotextkey>银行等_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>行的报价权_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>一样）。
_blank class=infotextkey>3、个_blank class=infotextkey>get=_blank class=infotextkey>人_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>贷款从何_blank class=infotextkey>时开始参考LPR_blank class=infotextkey>_blank class=infotextkey>定价？
从_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>10月8日起，_blank class=infotextkey>get=_blank class=infotextkey>新发放_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商业性个_blank class=infotextkey>get=_blank class=infotextkey>人_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>贷款_blank class=infotextkey>get=_blank class=infotextkey>利率以LPR为_blank class=infotextkey>_blank class=infotextkey>定价_blank class=infotextkey>get=_blank class=infotextkey>基准加点形成，因为_blank class=infotextkey>get=_blank class=infotextkey>房贷_blank class=infotextkey>get=_blank class=infotextkey>期_blank class=infotextkey>get=_blank class=infotextkey>限较长，所以参考的是_blank class=infotextkey>get=_blank class=infotextkey>5年期以_blank class=infotextkey>get=_blank class=infotextkey>上LPR_blank class=infotextkey>get=_blank class=infotextkey>利率。_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>10月8日前，已签订_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同但未发放的个_blank class=infotextkey>get=_blank class=infotextkey>人_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>贷款，仍按_blank class=infotextkey>原_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同约_blank class=infotextkey>定执行。
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