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ACGBs (YM -2.0 & XM -3.0) are cheaper after US tsys resumed their sell-off following a brief reprieve on Friday. US tsys finished the NY session with yields 2-4bps higher amid a flood of new corporate bonds and US tsy issuance. The 2- and 5-year tsy auctions both tailed.
USD/CNH pushed above 7.2100 by the NY session, with a firmer US yield backdrop aiding the move. We didn't breach highs from last Friday though, which came in just above 7.2140. For onshore spot we ended yesterday at 7.1975, so a decent wedge with respect to CNH levels. The CNY NEER (J.P. Morgan index) edged down slightly to 124.5.