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Nov. 10 (Bloomberg) -- China’s one-year swap rate declined below 3 percent for the first time in 11 months as Europe’s debt crisis worsened.
The one-year swap contract, the fixed cost needed to receive the floating seven-day repurchase rate, declined 6.5 basis points to 2.985 percent as of 9:14 a.m. in Shanghai, according to data compiled by Bloomberg. That was the lowest since Dec. 7.
Consumer prices rose 5.5 percent in October from a year earlier, the least since May, statistics bureau data showed yesterday. A sale of Italian Treasury bills due today comes after yields on 10-year notes surged to 7.25 percent yesterday, a euro-era record.
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