LPR has been "standing still" for nine consecutive months, and there is still downward space for the rest of the year.

The People's Bank of China authorized the National Interbank Funding Center to announce the loan market quotation rate on February 24, 2026, with a 1-year LPR of 3.0% and a 5-year LPR of 3.5%. Experts believe that the LPR has remained unchanged for nine consecutive months and there is still potential for downward movement within the year. Analysts point out that the unchanged LPR for both terms in February is in line with market expectations. On one hand, the stable policy rate means there has been no change in the pricing basis for the LPR in February; on the other hand, as of the end of the fourth quarter of 2025, commercial bank net interest margins remained at a low level of 1.42%, and the quoting banks lack motivation to actively lower their LPR quote points.