Chinese 10-Year yields fall by 4.0bp....>

CHINA RATES: Chinese 10-Year yields fall by 4.0bp in early trade, as the broader

risk-off backdrop supports prices.

- Also worth reiterating that there are domestic factors in play here as well:

- Caixin noted that "the State Council, China's cabinet, called for targeted

easing measures and cuts in bank reserve requirement ratios (RRR) to shore up

lending to small and micro businesses and reduce financing costs. Policymakers

want to help companies resume operation following disruptions caused by

Covid-19, according to a statement issued after a Wednesday meeting chaired by

Premier Li Keqiang."

- Benchmark 10s yield ~2.602%, ~9bp off the recent lows.