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Chinese bond futures are down 20........>

CHINA RATES
CHINA RATES: Chinese bond futures are down 20 ticks today as they reverse
yesterday's gains in line with the US on the back of the recovery in risk
appetite. The 10-year last trades at 96.970 and a close to the week around here
would suggest a potential bearish reversal.
- 10-year cash yields are up 1.3.331%, 1.5bps at 3.331%, also showing signs of a
reversal after failing to close through 3.3% earlier this week. 
- Swaps are also trading higher with the 10-year up 3bps at 3.19% amid bearish
steepening. A close above 3.2% would give weight to the reversal case.  

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