Total Derivatives: CNY front end drives bull steepening
Domestic data in China is mostly in line with market expectations. However, mild losses in equities has prompted some receiving at the shorter end of the CNY NDIRS curve, driving a bull steepening move to the belly of the curve, writes Deirdre Yeung of Total Derivatives.
Chinese economic data released on Wednesday was largely in line with market expectations and provided market participants in CNY rates with little new directional impetus.
A report showed that retail sales rose by 10.7% year-on-year in May, the same pace as the previous month and in line
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