China’s economy continues to face subdued domestic demand and growth near the lower end of official targets, prompting the People’s Bank of China to rely on liquidity injections, pledged supplementary lending adjustments, relending quotas, and mortgage subsidies rather than broad benchmark rate shifts. Recent targeted easing measures, including the late-September PSL rate reduction, have already addressed financing costs without altering headline policy anchors such as the seven-day reverse repo rate. Traders therefore assign an 88.5% probability to no change by December 31, viewing incremental support and the October Financial Street Forum as unlikely to trigger a formal cut or hike before year-end.