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LPR On Hold As Expected


The PBOC matched injections with maturities, the overnight repo rate rose 5bps to 2.0808% while the seven-day repo rate rose 2.2bps to 2.1619%. Both rates are well below this week's highs. Futures gapped higher at the open, 10-year up 15 ticks at 98.255 having run into resistance at 98.335.

  • China's 1- & 5-Year Loan Prime Rates were kept on hold at 3.85% and 4.65% respectively. The decision was in line with expectations. LPR rates have been unchanged since April 2020 when the PBOC cut rates to help cope with the impact of the pandemic. The MLF, which is linked to the LPR, was unchanged for the 14th month earlier this week. While there was speculation that the PBOC could increase the LPR's to help reign in rising producer prices, the bank said in its Q1 Monetary Policy report that the pickup in inflation is expected to be transitory and the bank could look through the readings.

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