According to Jinshi, the People's Bank of China authorized the National Interbank Funding Center to announce that the 1-year LPR is 3.45%, unchanged; the LPR for more than 5 years is 3.95%, down 25 basis points from the previous value. Mingming, chief economist of CITIC Securities, said that there is still room for MLF rate cuts and deposit rate "rate cuts". Under the goal of further guiding loan interest rates downward, the downward guidance of policy interest rates is still indispensable. The reduction of MLF interest rates may need to wait until the external environment enters a more suitable window period, and the initiative and flexibility of deposit rate cuts are greater.