The USD/CNY forex swaps are higher on expectations that USD liquidity will improve after the Fed rolls out a new round of bond buying. The one-year USD/CNY forex swaps are quoted at a premium of 1315 pips from the spot vs the 1285 pips premium late Thursday. However, a Shanghai-based local bank trader says the swaps are already off their interday high of a 1360 pips premium on heavy dollar selling in the spot market. The USD/CNY spot is at 6.3181 vs 6.3296 late Thursday. Offshore, one-year USD/CNY NDFs are down at 6.3972/6.4012 from 6.4225/6.4245 late Thursday.
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