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For the month of May 2021, China’s General Administration of Customs believes the total US$ value of exports exiting that country was an impressive-sounding $263.9 billion.
If December 2020, or thereabouts, does present the possible top of the 2020 recession rebound, it also would mean peaking well short of anything like a full and complete recovery.
Dealing in probabilities, it would then make perfect sense why global yields which had previously sprung suddenly into reflationary trading almost as suddenly jumped right out of them.