On [date], the People's Bank of China authorized the National Interbank Funding Center to announce that the one-year Loan Prime Rate (LPR) was 3.45%, and the LPR for over five years was 4.20%, both down by 10 basis points from the previous period.

Recently, journalists visited Beijing, Guangdong, Hubei, Fujian, and other regions to interview and gain firsthand insights into the effectiveness of interest rate transmission. This has brought tangible benefits to many enterprises. A furniture manufacturing company located in the eastern coastal region reported that they had just applied for a million-yuan loan, with the bank indicating that it could be issued at the newly reduced loan interest rate. "Since the beginning of this year, loan interest rates have been continuously decreasing. For the same million-yuan loan, we can save about . million yuan in interest expenses annually compared to last year," the company head said. The furniture manufacturing industry is highly sensitive to cost changes, and the reduction in interest expenses helps to lower financial costs in the fourth quarter.

Seeing the news of the rate cut, Huang Hao, head of the Development Strategy Department of Guangdong Nanhai Qimingguangda Technology Co., Ltd., is looking forward to the early arrival of the repricing day. "If the company's loan interest rate follows the cut by a few basis points, it could save the company nearly ten thousand yuan in interest at least," Huang told reporters. The company has been focusing on the research and development of nano conductive materials and flexible sensing technology, and is currently in a stage of rapid development. This year, the company also received a loan interest subsidy of . million yuan for specialized and sophisticated small and medium-sized enterprises in Guangdong Province. With the continuous decline in financing costs, the company can invest more funds in advancing research and development, expanding production, and expanding sales.

Since the beginning of this year, the interest rate for one-year loans has decreased by a total of X basis points, and for loans with a maturity of more than one year, it has decreased by a total of Y basis points. Under the influence of this decline, the interest rate on corporate loans has further decreased. In month X, the weighted average interest rate on newly issued corporate loans was approximately .%, which is about X basis points lower than the same period last year and is at a historical low.

In the Maofeng Agricultural Products Planting Professional Cooperative in Tianmen City, Hubei Province, the purchase of autumn grain is in full swing. "At the beginning of the month, the bank provided us with a loan interest rate of less than .%, which is 30 basis points lower than last year, significantly reducing our financial pressure. For subsequent loan renewals, the Agricultural Bank of China Tianmen Branch will further lower our loan interest rate based on the situation," said Ni Maosheng, the cooperative's head. Kong Aiping, General Manager of the Farmer Financial Department of the Agricultural Bank of China Hubei Branch, told reporters that the interest rate has been reduced three times this year, effectively lowering the production and operation costs of agricultural business entities. Currently, the bank's newly added farmer loans with a maturity of one year have seen a 30 basis point reduction compared to the beginning of the year.

Ease the burden of housing consumption for residents. The interest rate of newly issued commercial personal housing loans is linked to the term above years. Reporters found that many banks have already referred to the new adjustments in the interest rates of various loan periods. Yan Yuejin, Deputy President of the Shanghai Yiju Real Estate Research Institute, said that after this reduction, while mortgage rates in cities like Beijing, Shanghai, and Shenzhen may still be in the "4" range, an increasing number of cities are seeing newly issued mortgage rates enter the "3" range.

The developer is offering a relatively favorable price, and with the interest rate dropping below %, I am ready to purchase my first property after starting work. Ms. Huang, a citizen of Guangzhou, told reporters that she plans to buy a house with a loan of 1 million yuan. Calculated with an annual equal principal and interest repayment method, a drop in the interest rate by 20 basis points will reduce the monthly payment by over 100 yuan, and the total interest by approximately 20,000 yuan. In Guangzhou, the mainstream first-home mortgage interest rate previously offered by major banks was a reduction of 20 basis points, around % or so. After this decrease, the newly issued first-home mortgage interest rates in the local area will continue to decline.

Dong Ximiao, Chief Researcher at China Zhaolian, stated that after this reduction, the interest rates on both existing and new mortgage loans will further decrease, alleviating the financial burden on residents' housing consumption and boosting their willingness and ability to consume in the housing market. On the day of the month, reporters observed at the Liantou Yan Yuguangnian sales office in Qingshan District, Wuhan, that many citizens were visiting to view properties. "After the reduction, the number of customer visits has increased by about % in these two days, and the volume of transactions has also increased," said Liao Mengqi, the marketing head of the sales office. She added that some customers who were previously hesitant due to repayment pressure decided to purchase homes promptly upon learning about the interest rate reduction, saving over 100,000 yuan in interest on a 1 million yuan loan.

The effects of the stable growth policy are gradually becoming apparent. The downward trend not only helps alleviate the housing consumption burden on residents but also contributes to reducing the cost of major consumer goods. "Lowering the financing costs for consumers helps promote spending, especially on major purchases such as cars and home renovations, which also presents an opportunity for banks to expand their installment business." A spokesperson from the Credit Card Business Department of the Construction Bank of China Fujian Branch introduced that, with the downward trend, the bank has launched promotional activities such as installment payment discounts. Currently, the handling fee rate for the bank's large-scale consumer credit product, Installment Pass, has decreased by % compared to the beginning of the year.

Currently, doing a good job in the fourth quarter's economic work is crucial for ensuring the achievement of the annual economic and social development expectations. "Three reductions within the year can stimulate credit demand, and the effects of stable growth policies are gradually emerging." Zeng Gang, Director of the Shanghai Finance and Development Laboratory, stated that after this reduction, it will lead to a more significant decrease in corporate and resident loan rates, thereby stimulating the financing demand of the real economy, promoting consumption, expanding investment, and boosting economic growth momentum, providing important support for the successful completion of the annual economic and social development goals.