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AUD

Drops From Session Highs

JAPAN DATA

Japan Jun Exports +48.6% Y/Y; 4th Monthly Rise

CHINA RATES

China Repo Rates Diverge on Wednesday

CHINA PRESS

China May Further Cut Financing Costs in H2: Daily

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  • Local & USD rates open on the backfoot post-FOMC, with USD bonds most offered – lifting +2.4-6.9bp across the curve and most notably in the 5Y tenor.
  • Local bonds were seen bear flattening into the Biden-Putin meeting with 2-3Y yields +9-11bp higher.
  • W/w local bonds continued to bear flatten following last week's hawkish CBR.
  • USD bonds have been more subdued w/w, standing roughly +5bp higher across the breadth of the curve.