Total Derivatives: Front end CNY bid; 1y CNH CCS idea
Stronger than expected PMI data has prompted some paying interest at the front end of the CNY swap curve. However, 1s/5s swaps are currently too flat and may attract curve steepeners. Separately, Nomura has recommended paying the front end of the CNH CCS curve, writes Deirdre Yeung of Total Derivatives.
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