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- Poland continues to be at the bottom of the League, currently offering the second lowest real yield among the EM world (-2.8%) following the recent drop in the 10Y yield.
- The 10Y real yield is also deeply negative in Hungary (-2.6%) as inflation continues to surprise positively, which will push the NBH to raise its benchmark rate by another 30bps next week (July 27).
- China still stands at the bottom of the League, currently offering a 10Y real yield of nearly -6% when we adjust by PPI inflation. While inflationary pressures have continued to intensified in the EM market, China long-term bond yields have been falling (following the global trend) as uncertainty about the economic recovery has been surging.•
- At the top of the League, we still find Indonesia and South Africa, currently offering a 10Y real yield of 5% and 4.5%, respectively. We saw that CPI inflation decelerated slightly in SA in June to 4.9%, from 5.2% the previous month.