🇨🇳 China's 5Y bond yield crashed 7% today and hit a 20-month low.
The 5Y yield is now just 2.5 bps away from hitting a record low.

🇨🇭Switzerland SNB can borrow money at ~0.40% for 10 years,
while the US borrows money at ~4.7% for 10 years.
even China PBoC can borrow dollar denominated at less 4%

Global 10Y bond yields right now:
🇺🇸 USA: 4.70%
🇬🇧 UK: 5.08%
🇫🇷 France: 4.11%
🇯🇵 Japan: 2.91%
ABOVE COOKED - BELOW INFLOW HAPPENING
🇨🇳 China: 1.71%
🇨🇭 Switzerland: 0.47%


Brazil’s bond market is flashing a warning for stocks:
Brazil’s 10-year yield is near 14% as President Luiz Inácio Lula da Silva’s reelection odds rise and government debt is projected to surpass 100% of GDP.
👉Brasil borrow in CNY
In Brazil’s case, this would mean that the Brazilian state raises money in China and in Chinese currency, instead of using only the traditional dollar or euro bond markets. For Brazil, a sovereign Panda bond would be new. It would place the Brazilian state directly into a yuan-denominated funding channel and make China more than a buyer of commodities, infrastructure assets or corporate investments.
Argentine SILENTLY renewed CNY debt also at MUCH LOWER rate than USD