Total Derivatives: CNY Swaps well bid after GDP; 5y NDIRS idea

The latest China GDP data has triggered good paying at the short end of the CNY swap curve. 2s/5s swaps are flatter, however, as the front end has been underperforming other maturities on the sell-off. Nomura has recommended exiting paid positions in five year NDIRS, writes Deirdre Yeung of Total Derivatives.