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Foreign Hedge Funds Heavily Bet On Yuan Devaluation

by posted 3years ago 5013 views
A handful of US-based macro hedge funds are looking for their own personal “Soros moment” and betting on the Chinese yuan experiencing a devaluation of between 20% and 50%. Texas-based Corriente Partners, which made hundreds of millions of dollars on Europe’s debt crisis, has been accumulating tailored “low delta” options — essentially bets with long odds — that provide for an up to 50% fall in the yuan, reports Reuters. Corriente is betting that even with $3.3 trillion in foreign exchange reserves, the Chinese government will not be able to resist or control the huge amounts of capital flowing out...