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China's rate markets continue to push lower...>

CHINA
CHINA: China's rate markets continue to push lower with swaps hitting fresh
cycle lows today across the curve in line with the strong recovery in 10 year
bond futures, which have erased recent losses to keep the bond bull market
firmly intact. 
- Lower rates are taking the steam out of the yuan rally but the failure to
break above yesterday's high at 6.7873 keeps the outlook neutral for now. Above
here would trigger a triple bottom formation targeting 6.84.
- The rate-equity divergence remains in place with stocks consolidating
yesterday's gains. 
- MNI reported earlier that China and US negotiators are working on implementing
the Trump-Xi agreement, but market reaction has been muted.  

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