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Looking Through China PMIs


Tsys look through the softer than expected official PMI data out of China, with participants zeroed in on Fed Chair Powell’s upcoming Wednesday address. There may also be an element of more focus being placed on the tweaks to China’s ZCS and general expectations for a Spring reopening of the country, as opposed to data releases i.e. the forward looking vs. rear-view debate. Cash Tsys sit 0.5-1.5bp richer across the curve, with modest outperformance observed in the belly.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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