The injection of 280bn yuan today by the PBOC was the biggest since January. Does it set up a rate cut tomorrow?

A little earlier the People's Bank of China added 30 bn yuan into money markets via 7 day reverse repos

And 250bn via 14-day RRs.

This follows a big injection yesterday (after 20 consecutive days of no OMOs) and also a (tiny) rate cut on the 14 day yesterday.

Tomorrow (Friday 19 December 2019) we get the month Loan Prime Rate setting from the Bank. The LPR rate is set by 18 banks with a spread above the one year Medium term Lending Facility.