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What To Look For Next After RRR Cut Announcement

CHINA

A quick reminder that the effective date of the PBoC's 50bp RRR cut (announced Monday) is 15 December. The move is set to free up ~CNY1.2tn in liquidity. 15 December is also the day that CNY950bn of MLF matures. The PBoC has said part of the funds released by the RRR cut will be used by banks to meet MLF obligations. Eyes now move to net MLF liquidity dynamic on that date.

  • A report in the Securities Times (published Tuesday) has suggested that the RRR cut may result in the PBoC cutting its benchmark LPR in the near future. This is the view of Zheng Houcheng, head of the research institute at Yingda Securities. The next monthly LPR fixing comes on 20 Dec.
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
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