Chinese Yuan (CNY)

USD Swaps: More global liquidity; Spreads in

China's liquidity add was widely expected but still provided support for global risk assets. Dollar spreads tightened as dealers await issuance.

CNY Swaps: 1y bid flattens 1s/5s NDIRS; Early 5y offers

CNY NDIRS has generally been better bid except some early receiving interest in 5-year. Paying in 1-year has flattened the 1s/5s NDIRS slope.