Total Derivatives: IPOs back CNY bid, curve correction

A flurry of upcoming Chinese IPOs have tightened liquidity, driving upward pressure on CNY swap rates. But expectations of further easing from the People's Bank of China (PBoC) have tempered the short-end bid. After recent steepening the 1s/10s NDIRS curve slope is expected to correct flatter, writes Deirdre Yeung of Total Derivatives.