The USD/CNY forex swaps are higher as banks continue to raise yuan funds in the swap market to meet month-end cash demands. The one-year USD/CNY swap is quoted at a premium of 1355 pips from the spot vs the 1315 pips premium late Friday. "The swaps are still rising mostly because of the funding needs, while corporate dollar selling is spreading and the swaps may turn lower next month when such funding needs fade," says a Shanghai-based local bank trader. The USD/CNY spot is at 6.3173 vs 6.3145 late Friday. Offshore, one-year USD/CNY NDFs are up at 6.4053/6.4093 from 6.4015/6.4045 late Friday.
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