Total Derivatives: CNY swap curve flattens ahead of holiday

Trading in CNY swaps has not been very aggressive ahead of the long weekend in China. 1s/5s and 1s/10s swaps are flatter due to tighter liquidity and outperformance at the longer-end, but market participants expect a corrective steepening move to come after the holiday, writes Deirdre Yeung of Total Derivatives.