Today, the People's Bank of China authorized the National Interbank Funding Center to announce the Loan Prime Rate (LPR) for July 21, 2025: the 1-year LPR is 3.0%, and the LPR for loans with a maturity of over 5 years is 3.5%. The LPR quotes for both tenors remained unchanged MoM. Industry insiders expect that in the short term, there will be a policy observation period, and the LPR quotes will continue to remain stable. Looking ahead, in the process of vigorously boosting domestic demand and "making greater efforts to promote the stabilization and recovery of the real estate market," there is still room for policy interest rates and LPR quotes to be lowered.