China's onshore yuan forwards surge to highest level this year on tighter liquidity

China's onshore yuan forwards on Tuesday rose to the highest level this year, pushed up by tighter yuan liquidity in the banking system. One-year onshore dollar/yuan swap points rose to 1,500 points on Tuesday, the highest since Dec. 30, 2020, up from 1,423 points at the previous close.

The volume-weighted average rate of overnight repurchase agreements, a gauge that measures cash conditions in the financial system, rose to the highest level in more than 14 months on Tuesday.

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