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Goldman Think It's Too Early To Pay CNY Rates

CHINA RATES

Goldman Sachs think “it is too early to pay CNY rates, as we still see some downside risk to CNY rates and paying too early would incur a cost (from negative carry). Given China's near-term growth and policy outlook are centered around Covid management, property recovery, and exports, the next few weeks are key to watch in our view, as we look for the May activity data (due out mid-June) and gain more clarity on the Shanghai recovery and outbreaks in major cities such as Beijing.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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