The thing about the Shanghai is that it's primarily liquidity driven. Given the fact that financial conditions in China have tightened quite a bit since the start of the year (not to mention new issuance), this pullback isn't exactly surprising. However, given that the government has now pulled off a soft landing, expectations will begin to look forward to those financial conditions being eased within the near term. I don't know how to game its exact timing, but the likelihood of it occurring is probably pretty good.
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