jumped over 2%, while an index tracking start-ups .CNT - potentially the biggest beneficiaries from lower rates - surged 3.5%.
“But given the current situation with weak activity growth, heightened trade war risks and a strong desire by the senior leadership to lower rates, we do expect actual lending rates to go down.” The market’s focus will be on where the new LPR is set on Tuesday. The national interbank funding center will publish the reference rate on the 20th day of each month thereafter.
“However, we don’t see the urgency for China to cut its MLF rate in August as China may want to take a wait-and-see approach to see how markets react and digest the latest liberalization.”The PBOC launched the LPR in 2013 to reflect rates that banks charge their best clients. But the LPR reacted little to market demand and supply, with the one-year rate hovering just under the benchmark one-year lending rate of 4.35%.
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