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10-year bond futures are giving back....>

CHINA RATES
CHINA RATES: 10-year bond futures are giving back some of the large gains seen
over the past week, currently trading at 96.835 after failing to consolidate
gains above the 97.0 level yesterday.
- Cash yields have risen back up through 3.40%, causing the China-US 10-year
spread to widen to 34.2bps as it rises from multi-year lows. 
- China's 2-year swaps are down 0.5bps at 28150% as a triangle pattern forms
from the Aug lows and Sep highs, suggesting a large move is increasingly likely
following recent lackluster trading. 
- The drop in oil prices and the growing potential for a RRR cut suggests risks
remain to the downside. The failure of equity markets to consolidate recent
gains is an added weight on the space. 

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