No Change Expected At Today's LPR Fixing

The BBG survey shows expectations for unchanged 1- & 5-Year LPR fixings later today. 16 of the 18 surveyed look for the 1-Year fixing to be left at 3.85%, while the remaining 2 look for a 5bp cut to 3.80%. Meanwhile, all 14 surveyed by BBG look for the 5-Year fixing to be left unchanged at 4.65%. There hasn't been anything in the way of movement in MLF rates in recent times (often seen as a pre-cursor to movement in LPR fixings). Elsewhere, it is worth noting that some of the more aggressive sell side calls re: imminent PBoC easing have been unwound on the back of last week's PBoC press conference, as the Bank pointed to more focus on outright liquidity management via MLF and OMO levels as opposed to RRR & rate cuts (note that targeted support focusing on the real economy may continue to be deployed). High PPI also presents an impediment to imminent easing.