Worth noting that the PBoC's monthly Loan.....>

CHINA: Worth noting that the PBoC's monthly Loan Prime Rates (LPR) are expected

to fix at unchanged levels later today. The 1-Year rate is seen steady at 3.85%,

with the 5-Year rate expected to fix at 4.65%. Only one of the economists

surveyed by BBG looks for a 5bp cut to both fixings. A reminder that the

economic recovery in China (albeit supply side driven) is seen to place less of

a burden on the need for deeper PBoC easing, with the Bank adopting an ever more

targeted approach to its monetary policy tweaks. The rate applied to the Bank's

7-day reverse repo ops sits at 2.20%, unchanged since late March, with no

movement in the rate applied to 1-Year MLF ops since the 20bp cut in April

(which tracked the March cut in the 7-Day reverse repo rates).