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China's fixed income markets are........>

CHINA RATES
CHINA RATES: China's fixed income markets are finally showing some slight
reaction to the ongoing rally in risk assets amid increased optimism re US-China
trade deal talks as the 10 year bond future extends yesterday's losses, down 5
ticks on the day after failing to break to new highs yesterday. 
- Swap rates are also on the up with the 10 year adding 2bps amid curve
flattening. 
- The PBOC skipped open market operations for a third consecutive day on
Wednesday, resulting in a net drain of CNY270 billion as that amount of reverse
repos matured. The PBOC said the total liquidity of the banking system is
currently at a relatively high level, which can offset the maturing of MLF and
reverse repos and other factors.

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