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CHINA: Bond Futures Move Lower Despite Weaker onshore Equity. 

CHINA
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • China’s bond futures have followed from Friday’s selloff to move lower again in trading today.
  • China’s 10YR future opened at 109.405 and has moved gradually lower throughout the trading day, to be down by -0.115 to 109.29.
  • Over the weekend, China reported the January CPI surprised to the upside with food and service price inflation the main driver and likely feeding into the price action from investors in today’s trading session.
  • China’s 10YR future continues to sit above the 20-day EMA of 109.1652, with a bullish bias remaining.
  • China’s 2YR future opened at also followed Friday’s selloff falling by -0.09 today to be at 102.69.
  • The 2YR future’s technicals are a very different story as the 50-day EMA has been breached, and the price action moves the contract towards the 100-day EMA of 102.62, dragging the 20-day and 50-day EMA’s lower with it.
  • Having done very little in the shortened week last week, the 10YR CGB has moved higher in yield today by +1.5bp to 1.62% but remains in a very tight range.
  • Data releases this week are dominated by the New Yuan Loans and Aggregate Financing, which will give a further snapshot of whether the various stimulus measures are having impact on consumer behaviours.    
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  • China’s bond futures have followed from Friday’s selloff to move lower again in trading today.
  • China’s 10YR future opened at 109.405 and has moved gradually lower throughout the trading day, to be down by -0.115 to 109.29.
  • Over the weekend, China reported the January CPI surprised to the upside with food and service price inflation the main driver and likely feeding into the price action from investors in today’s trading session.
  • China’s 10YR future continues to sit above the 20-day EMA of 109.1652, with a bullish bias remaining.
  • China’s 2YR future opened at also followed Friday’s selloff falling by -0.09 today to be at 102.69.
  • The 2YR future’s technicals are a very different story as the 50-day EMA has been breached, and the price action moves the contract towards the 100-day EMA of 102.62, dragging the 20-day and 50-day EMA’s lower with it.
  • Having done very little in the shortened week last week, the 10YR CGB has moved higher in yield today by +1.5bp to 1.62% but remains in a very tight range.
  • Data releases this week are dominated by the New Yuan Loans and Aggregate Financing, which will give a further snapshot of whether the various stimulus measures are having impact on consumer behaviours.