Total Derivatives: Emerging CNY short bid flattens 1s/5s

Rumours of more easing by the People's Bank of China (PBoC) have triggered a CNY rates rally and good receiving in one to five year CNY swaps so far this week. Domestic payers emerged in the one year sector on Tuesday, flattening the 1s/5s NDIRS slope, writes Deirdre Yeung of Total Derivatives.