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Bond Wrap

CHINA
  • Chinese Banks held their 1- and 5-year lending rates steady for August.
  • The decisions reflect a balancing act for China, following PBOC Governor’s comments that authorities will avoid adopting “drastic” measures whilst still determined to achieve Beijing’s growth targets for 2024.
  • Bonds saw modestly lower yields in intermediate maturities.

2yr 1.68% 5yr 1.88% (-2bp) 10yr 2.17% (-1bp) 30yr 2.36%

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