Thirty-nine of 45 strategists tracked by Bloomberg say the currency will drop against the dollar by year-end, while bearish option bets have swelled to a notional $443 billion as hedge fund managers from Bill Ackman to Crispin Odey positioned for declines. China’s record levels of debt, slowing economic growth and accelerating capital outflows make a compelling case for pessimism. Yet not everyone is jumping on the bearish bandwagon. A tiny but vocal group...