exchange rate forecast (20 points)

I think there is no website that can foresee the RMB level from 2009 to 2013. However, from the market trading levels of 1-year CNYNDFOR, 2-year CNYNDFOR, 3-year CNYNDFOR and 4-year CNYNDFOR which are 6.6250, 6.4000, 6.2700 and 6.2700, market is implying appreciation % of 3.48% in 1-year, 6.76% in 2-year, 8.65% in 3-year and 8.65% in 4-year. Spot USD/CNY is 6.864. CNYNDFOR stands for Chinese Yuan Non-deliverable Forwards Outright which is derivative instrument used in speculating how much RMB would be appreciated in a specific tenor (time horizon). The % of appreciation can be calculated as: [1- (CNYNDFOR/Spot USD/CNY)] * 100% for example: 1-year % of appreciation = [1-6.625/6.864] * 100% = 3.48%.