SHANGHAI : China is set to leave its benchmark lending rate steady for the 17th month at its September fixing next Wednesday, a Reuters survey showed, but market participants expect more targeted liquidity measures as the economy grapples with the fallout of the Delta variant.
The remaining one respondent forecast a marginal cut of 5 basis points to the one-year LPR and expected no change to the five-year tenor, which influences the pricing of mortgages. Authorities have stepped up measures to cool the property market this year amid rising home prices and financial risk concerns.
Ken Cheung, chief Asian FX strategist at Mizuho Bank, said the fact that the 1-year MLF rate was held steady"flagged slim chance for a LPR cut this month." "The Delta wave took a quite heavy toll on China's growth, particularly in the services sector," said Chen Jingyang, Greater China economist at HSBC.
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