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Chinese interest rate swaps have........>

CHINA RATES
CHINA RATES: Chinese interest rate swaps have fallen to new cyclical lows today,
with the 1-year dropping 8bps to 2.68% and the 2-year also dropping 8bps to
2.76%. The longer end has fallen less but is still approaching new lows.
- The China-US 2-year swap spread now sits at -13bps, seeing a massive 179bps
fall since the start of the year and fully explaining the collapse in the yuan. 
- USDCNH has come off its highs, trading at 6.8827, but the bullish trend
remains firmly intact. 

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