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In recent days, short USDCNY swap points have been constantly decreasing, and even after the quarter ended, the situation with dollar liquidity shortages has not improved. The overnight swap rate for one day has fallen below -6 pips, and the liquidity-providing parties are now more inclined to withhold dollar offers, indicating tension with dollar liquidity within the country.
On Thursday, the intra-China USDCNY O/N one-day swap point dropped to -6.5 pips. According to the overnight yuan rate DR001 at 1.26%, the implied dollar overnight rate reached 4.67%, nearly 100 basis points higher than the overnight SOFR rate (3.68%).