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LPR Fixings Seen Unch., Outside Chance Of A Cut

CHINA

The majority of those surveyed by Bloomberg expect the monthly Chinese LPR fixings to be set at unchanged levels i.e. 3.70% for the 1-Year LPR & 4.60% for the 5-Year LPR.

  • Note that 3 of the 15 surveyed expect the 1-Year fixing to be cut by 5-10bp, while 2 of the 10 surveyed expect the 5-Year fixing to be cut by 5-10bp.
  • Last week’s MLF operations saw the rate applied to the 1-Year liquidity operations remain steady, which would usually (but not always) signal no change in the upcoming LPR fixings. However, subsequent, well-documented comments from Chinese Vice Premier Liu He re: support for markets and a more “pro-active” stance from PBoC means that there is scope for the fixings to move lower today.
  • Note that speculation has increased surrounding the chances of a RRR cut and more widespread easing over the next 6 weeks or so.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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