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China Should Act Early To Avoid Balance Sheet Recession


Away From Best Levels


CNY Fixing - Slightly Firmer Bias

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  • GoCs are closing out the week on track for a substantial rally, with only 2Y yields holding above 3% at 3.07%, having started it close to 3.25% and touched a high of 3.34% yesterday.
  • The 10Y of 2.85% compares to 3.10% at Monday’s open and a high of 3.15% yesterday, before a front-loading of policy from the ECB and the ramping up of growth concerns in both Europe and the US.
  • USDCAD meanwhile eventually moved higher today when risk sentiment belatedly soured but is on track for an almost 1% drop through the week. Having ratcheted through support at the 50-day MA and come close to testing a key support at 1.2819 (Jun 28 low), it’s pushed back on trend bullish conditions.

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