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T-Notes hover around unchanged.........>

BOND SUMMARY
BOND SUMMARY: T-Notes hover around unchanged levels, last -0-01 at 131-20, with
yields back from extremes to print 1.2-1.7bp higher across the curve as we type.
The "sell China" mantra evident since the re-open of Chinese onshore markets
this morning, coupled with the PBoC's decision to cut the rates applied to its
7- & 14-day reverse repos allowed the space to recover from lows after a choppy
opening couple of hours.
- Super-long JGBs have underperformed on the back of the tweaks to the BoJ's Feb
Rinban plan, outlined on Friday, although futures have stuck to a relatively
tight range, last +16 on the day.
- Australia paper has followed the beat of the bigger drum, as offshore
developments drove onshore markets. YM & XM +4.0, Bills sit 3-5 ticks higher
through the reds. Tomorrow's RBA decision remains in focus, with IBs pricing a
25% chance of a cut as we type.
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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