Total Derivatives: Data fuels CNY curve correction
The PBoC skipped another reverse repo operation today, tightening liquidity conditions further. However lower fixings have supported better offers in swaps. Data-related receiving in 5-years has fuelled a corrective flattening move in the 1s/5s NDIRS slope after the curve made new highs earlier this week, writes Deirdre Yeung of Total Derivatives.
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