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Most Look For Steady LPR Fixings

CHINA

The consensus view in the BBG survey points to unchanged 1-Year (3.85%) and 5-Year (4.65%) LPR fixings later today. 2 of the 18 surveyed by BBG look for a 5bp cut in the 1-Year fixing (to 3.80%), while none of those surveyed by BBG look for a cut in the 5-Year fixing. The recent RRR cut has resulted in speculation re: the potential for lower LPR fixings in recent days, most notably in commentary pieces published in Chinese state-owned media outlets, although the PBoC held the rate applied to its 1-Year MLF at unchanged levels last week (a cut to that rate would have heightened chances of a lower round of LPR fixings this time around). Note that the monthly 1- & 5-Year LPR fixings have remained unchanged since April ’20.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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