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After 5 days of declines Chinese fond...>

CHINA RATES
CHINA RATES: After 5 days of declines Chinese fond futures are back on the front
foot, gaining 30 ticks last to return the focus to cycle highs. Swaps have hit
new cycle lows, with the 2-year dropping 4.5bps to 2.47% and the 10-year
dropping 5bps to 2.87%. 
- 1-year swaps are also trading at fresh lows relative to the US, undermining
support for the yuan. 
- The plunge in rates contrasts with buoyant local equity markets which have
diverged bullishly and are signaling a potential stabilisation in the economy.  

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