LPR新机制实质及对商业银行的影响分析

The Essence of New LPR Mechanism and Its Impact on Commercial Banks

通过比较LPR新老机制、梳理国际成熟市场LPR特征,文章发现新机制的实施能有效增强央行对市场利率调控能力,有助于提高货币政策向实体经济的传导效率,也对商业银行内部定价体系和市场研判能力提出更高要求。经测算,LPR降低20bp对商业银行2019年净息差影响约0.6bp,整体上对盈利能力冲击较小。

By comparing the old and new LPR mechanisms and sorting out the LPR characteristics in the international developed markets,it is found that the implementation of the New LPR mechanism can effectively enhance the central bank’s ability to regulate market interest rates and help to improve the transmission efficiency of monetary policy to the real economy.It will also propose higher requirements for the internal pricing systems and market research capabilities of commercial banks.Statistics show,if LPR is reduced by 20bp,the net interest margin of commercial banks will be reduced by about 0.6bp,which imposes a small impact on the profitability of commercial banks as a whole.