Shanghai new corporate loan weighted average rate falls to 2.55% in September

The significance here is less the headline rate than the widening spread between the overall corporate rate and the small-and-micro segment, which narrowed only modestly despite the sharper year-on-year drop — suggesting targeted credit easing is reaching smaller borrowers but still at a premium. This matters most for banks' net interest margins in Shanghai and for any RWA-linked lending platforms whose economics depend on funding spreads. Whether the small-and-micro rate keeps closing the gap with the headline rate, and whether the pace of decline slows now that rates sit at a historic low, are the open questions worth tracking.