USD/CNY forex swaps are nearly unchanged as demand for both currencies have stabilized in recent trades, according to a Shanghai based trader at a foreign firm. One-year USD/CNY forex swaps are trading at a premium of 452 pips from the spot vs a 458 pips premium late Thursday in Asia. Yuan liquidity is tight as banks need to make sure they have enough reserves at month-end, says the trader. Swaps may decrease toward mid-July as corporations will have to prepare enough yuan to pay their quarterly taxes, she adds. The USD/CNY spot is last at 6.3534, down from 6.3575 Thursday in Asia. Offshore, one-year USD/CNY NDFs are at 6.4185/6.4215 vs 6.4160/6.4190 late Thursday.
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