野村：中国利率 -当前收益率曲线陡峭化交易的价值优于直接做空（债券）操作

Early signs of slight liquidity easing, while the equity outperformance theme remains intact. Strategy Trade Global Markets Research Rates - Asia ex-Japan China rates - Steepeners now better value than outright pay See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts. Valuation now not as stretched as at the start of the year. Over the past couple of months China rates have rebounded thanks to a combination of: 1) the PBoC guiding liquidity tighter, temporarily ...