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China:  Yields Higher Post CPI

CHINA
  • Today’s stronger than expected CPI may give a welcome relief to authorities, concerned with lower yields.
  • Having seen a relentless move lower in yield, today’s CPI surprised on the upside.
  • At 0.5%, the CPI was the strongest print since February.
  • Unsurprisingly, bonds reacted with shorter dated securities 2-5bps higher in yields and longer dated securities 3-6bps higher in yields in the morning trading session.

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