Down but not out

Non-deliverable forwards

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Opinions vary wildly on the performance of the non-deliverable forwards (NDF) market since the Asian financial crisis of 1997/98. With many of Asia’s onshore markets developing strongly over the past few years, the NDF market seems to have dropped out of the spotlight. But bankers insist that it continues to play an important role in Asia, and will continue to do so as long as a handful of countries maintain currency regulations in the region.

Some bankers suggest that the most liquid m

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