The People's Bank of China authorized the National Interbank Funding Center to announce on the 22nd that the market quoted interest rate (LPR) for loans on that day was 3.35% for 1-year LPR and 3.85% for 5-year and above LPR. This means that both 1-year and 5-year LPR have decreased by 10 basis points simultaneously. The Governor of the People's Bank of China, Pan Gongsheng, previously proposed at the Lujiazui Forum that in response to the significant deviation of some quoted interest rates from the actual highest quality customer interest rates, the focus should be on improving the quality of LPR quotes to more accurately reflect the level of interest rates in the loan market. The market view is that the decrease in LPR this time reflects that some quoting banks have corrected the deviation between their quotes and the highest quality customer loan interest rates by lowering their quotes, and the quality of LPR quotes continues to improve. Industry experts say that the decline in LPR is in line with the current economic and financial situation and is conducive to supporting the sustained recovery and improvement of the economy. LPR is the main reference benchmark for loan interest rate pricing. The decrease in LPR sends a policy signal to stabilize growth and promote development, which is conducive to stabilizing market expectations, further stabilizing and reducing financing costs in the real economy, stimulating credit demand, and promoting corporate investment. In addition, a decrease in LPR over 5 years is beneficial for reducing the interest burden on mortgage borrowers and promoting consumption. The above experts stated that since the beginning of this year, the cumulative LPR for loans over 5 years has decreased by 35 basis points. Existing mortgage borrowers will also enjoy the benefits of the LPR decrease from the next repricing date, reducing interest burden and enhancing consumption ability. Based on a mortgage principal of 1 million yuan (RMB), a 30-year term, and equal principal and interest, it is estimated that approximately 200 yuan in interest expenses can be saved per month, and the total interest savings can exceed 70000 yuan. On the 22nd, the People's Bank of China also announced that in order to strengthen expectation management and promote better coordination between LPR release time and financial market operation time, the LPR release time will be adjusted from 9:15 am on the 20th of each month (postponed in case of holidays) to 9:00 am from that day onwards. Experts believe that LPR, as an important reference for loan interest rate pricing, should be released at 9 o'clock in advance, which can better connect with the operation time of various financial markets and facilitate equal access to information and fair trading for different financial market participants. (New Society)