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The onshore forwardmarket MYRID=, however, still has one-year yields being quoted at 2 percent.
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However, a rise in forwardmarket interest rates has already caused consternation among the bank's policymakers.
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CONSTERNATION A rise in forwardmarket interest rates has already caused consternation among the bank's policymakers.
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The plans approved by the State Council - China's cabinet - also included commitments to push forwardmarket-oriented interest rate reforms.
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The offshore yuan forwardmarket shows foreign investors expect a 0.4 percent depreciation in the next year.
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In the offshore non-deliverable forwardmarket, the one-month contract was at 55.25 while the three-month was at 55.79.
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Wider spreads reflect elevated demand to borrow US dollars in the currency forwardmarket and often support the greenback's spot value against the euro.
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Of all the ways to bet on yuan depreciation, or hedge dollar payables, the preferred route is through the forwardmarket on mainland China.
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The use of non-deliverable forwards (NDFs), popular among foreign investors before a deliverable forwardmarket became available in Hong Kong in 2010, is fading.
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The forwardmarket was pricing the rupee at 64.26 per dollar by the end of December, nearly one percent weaker than levels on Wednesday.
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Since January, the riyal has rebounded in the onshore forwardsmarket SAR1Y=.
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The forwardsmarket suggests speculative bets on the peg breaking are building.
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The RBI has been spotted intervening frequently in both spot and forwardsmarkets.
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That has shut out many small banks from the forwardsmarket.
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The president's comments on the election triggered a rise in activity in forwardmarkets.
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On Monday, the currency came off last week's lows in the spot and offshore forwardsmarkets.