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。

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.

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本文首先在介绍境外人民币衍生产品的基础上分析了如何利用境外人民币无本金交割远期产品进行套期保值及套利组合；

This thesis analyze how to utilize external RMB Non-deliverable Forwards go on hedge and arbitrage combination on the basis of the introduction of RMB derivatives at first shut.

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美元周三收于49.49卢比；周四在无本金交割远期的离岸交易中，美元走高至50.20-50.50卢比，交易员表示，50卢比水平或将成为关键位。

The dollar closed at 49.49 rupees Wednesday; in offshore trade in nondeliverable forwards Thursday, it was at 50.20-50.50 rupees, with traders saying the 50-rupee level would be key.

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