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- Yesterday, we saw that China PPI inflation rose more than expected to 9% in May (vs. 8.5% exp.), its highest level since September 2008, 'forcing' Chinese authorities to launch price controls on key consumer goods on corn, whet and pork.
- As a result, China 10Y real yield fell to nearly -6% (adjusted by PPI inflation), by far the lowest among the EM world.
- As a reminder, we use PPI for China instead of CPI inflation as it has had a stronger relationship with the 10Y yield over time.
- Indonesia and South Africa are standing at the top of the 'League', currently offering a 10Y real rate of 4.7% and 4.6%, respectively.