USD/CNY forex swaps are higher as some forward dollar buying starts to set in after the PBOC kept the central parity rate steady for the past few weeks. One-year USD/CNY forex swaps are quoted at a 1515 pips premium from the spot vs a 1465 pips premium late Wednesday. "Some foreign companies who are more sensitive to market changes moved first Thursday. They don't expect the yuan to rise too much in the long term," says a Shanghai-based local bank trader. The USD/CNY spot is at 6.2291 vs 6.2302 late Wednesday. Offshore, one-year USD/CNY NDFs are down at 6.3290/6.3340 from 6.3310/6.3350 late Wednesday.
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