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Cheapening On News Of Chinese COVID Press Conference

US TSYS

Cheapening pressure creeps back in as news of the previously outlined Chinese health authority press conference does the rounds, allowing TYZ2 to breach early session lows, while wider cash Tsys run 2.5-3.0bp cheaper on the day. Our first instinct is that today would be far too soon to announce anything like a mass re-opening in China, given levels of meaningful vaccination amongst some of the more vulnerable cohorts of society. Still, markets are trading like there will be at least another tweak to the country’s COVID restrictions.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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