mium, reserve rebuilding, limited policy space). Offshore-onshore implied yield spreads (Chart 1 and 2) -4% -3% -2% -1% 0% 1% 2% 3% 4% 3m NDF-Onshore Forward Implied Yield Spread Offshore too negative Offshore too positive 2010 -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% CNY THB Sourc