Non-deliverable forwards (NDFs), which are linked to the renminbi but settled in dollars, have stopped moving in tandem with the renminbi's rate of appreciation.
与人民币汇率挂钩但以美元结算的“无本金交割远期”(NDF),已经不再跟随人民币的升值节奏起舞了。
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But the market does not seem to feel this way. The non-deliverable forward exchange rate for the purchase of us dollars is continuously at a significant premium.