The risk-on impulse from the cut in the latest PBoC 5-Year LPR fixing has faded a little, with Tsys back from session cheaps and e-minis dealing shy of bet levels. Wider headline flow remains relatively limited, with the market meandering through the final Asia-Pac session of the week as a result. TYM2 last deals -0-02+ at 119-20, while cash Tsys run 1.0-2.5bp cheaper across the curve, with 7s now leading the cheapening.
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