USD/CNY forex swaps are higher as the yuan's outlook became murky after the central bank guided the USD/CNY fixing higher for a second consecutive session. One-year USD/CNY forex swaps are quoted at a premium of 1490 pips from the spot vs a 1475-pip premium. Recent dollar selling pressure has eased after the PBOC intervened via large Chinese banks to buy dollars Thursday, so the yuan's outlook in the near future is more uncertain now, say traders. The USD/CNY spot is at 6.2350 vs 6.2334 late Thursday. Offshore, one-year USD/CNY NDFs are up at 6.3440/6.3470 from 6.3350/6.3370 late Thursday.
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