Total Derivatives: CNY 1s/10s to correct?

Longer CNY NDIRS have been leading a rally as Fed rate hike concerns support swap offers from the 5-year point. Sources say the 1s/10s curve is due a corrective steepening move. FX price action from Monday is said to reflect currency market intervention by the PBoC. ANZ and Nomura have issued dim sum bonds, writes Deirdre Yeung of Total Derivatives.