人民币无本金交割远期

周四，人民币无本金交割远期（NDF）价格出现了8个月以来的最大升幅&NDF在海外交易，可以反应出市场对于人民币未来升值的预期。

Renminbi non-deliverable forwards , which are traded offshore and reflect market expectations of future appreciation , jumped the most in eight months on Thursday .

人民币无本金交割远期合约应声下跌，结束了为期3天的上涨。

Non-deliverable forwards dropped , snapping a three-day gain .

人民币无本金交割远期交易：市场发展及其影响

RMB Non-Deliverable Forwards : Market Development and Influence

在较长期限（一年），无论是境内银行间人民币远期外汇市场还是境外离岸人民币无本金交割远期市场基本上都不是以利率平价理论为定价基础，更多是受人民币长期升值的预期影响。

In the longer term ( one-year term ), whether the forward foreign exchange markets in domestic or offshore are not based on interest rate parity theory , but influenced by the expectation of the appreciation of RMB .