China’s dollar/yuan swaps fall into negative territory for first time since 2019

China’s one-year dollar/yuan swaps CNY1Y=CFXS fell into negative territory for the first time in more than three years on Tuesday, pressured by the vanishing yield gap between the world’s two largest economies.

The one-year swap points touched a low of -40 points, the lowest level since March 2019.
Source: Reuters (Reporting by Winni Zhou and Andrew Galbraith; Editing by Andrew Heavens)