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While Chinese government bond yields....>

CHINA RATES
CHINA RATES: While Chinese government bond yields have edged lower over recent
days, with the 10-year yield at its lowest level since August at 3.491%, swap
markets appear to be struggling to push lower. The 10-year swap failed to hit a
new low last week in line with bond yields, with Friday's gains keeping the
3.30% level intact. 
- The divergence is also occurring at the short end with the 1-year swap rising
above the 1-year bond yield for the first time since August, as yields edge
lower today while rate markets trade flat. 
- US-China rate spreads have edged in from last week's high, with the 2-year
spread at 25.8bps down from Thursday's peak of 32.0bps. 

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