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Supply Speculation Results In Bear Steepening Of CGB Curve


Chinese government bond yields are 2.5-4.0bp higher across the curve, bear steepening.

  • •The move looks to be driven by a commentary piece in the Securities Times.
  • •The article suggested that China should increase long end bond issuance following the recent sharp fall in yields.
  • •Long positioning in bonds will also be factoring into any moves higher in yields.
  • •The wider market has broad expectations for deeper policy easing, allowing fresh multi-decade lows for 10-Year yields to be registered in recent sessions.
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