USD/CNY forex swaps rise tracking higher yields in the money market after the Fed's bond buying plan triggered inflation concerns. One-year USD/CNY forex swaps are at a premium of 1356 pips from the spot vs a 1290-pip premium late Monday. "The long-ends have a clear uptrend, but the short-ends may fall on dollar-selling pressure spreading from the spot market," says a Guangdong-based foreign bank trader. The USD/CNY spot is at 6.3169 vs 6.3173 late Monday. Offshore, one-year USD/CNY NDFs are up at 6.4135/6.4175 from 6.4049/6.4089 late Monday.
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