It's a very good question.
The offshore CNY NDF is driven by the market expectation on the CNY appreciation. In practice, you might not want to book the deal as traditional forward as the risk will be mis-classified.
1#张璐芸
The RMB NDF is driven by its own dunamics and by the euro-dollar exhange rate. Neither interest rate differentials nor the spot exchange rate RMB-US dollar movements influence the offshore RMB NDFs.
I hope it can help you a little bit.
The offshore CNY NDF is driven by the market expectation on the CNY appreciation. In practice, you might not want to book the deal as traditional forward as the risk will be mis-classified.