Bond markets react to China's 'baby step' to convertibility

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Confucius said that a journey of 1,000 miles starts with a single step. And that's how many in the financial markets viewed the surprise revaluation of the yuan, the Chinese currency, in July. Finally bowing to political pressure - the US has been extremely vocal about Chinese currency 'manipulation', with the yuan pegged at an uncompetitively weak rate against the dollar - the People's Bank of China (PBOC) took its first step on the long road to full convertibility on July 21.

In what amounted

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