It’s A “Clearly Artificial Regime”: No Love For The PBoC
Last week, we witnessed a truly epic short squeeze in Hong Kong.
Soaring deposit rates, dramatic spikes in CNH HIBOR, and harrowing moves in forward points accompanied the biggest two-day gain for the offshore yuan on record as liquidity evaporated faster than a democrat's lead in a Presidential race against a reality TV star.
As one trader recently told FT, "renminbi developments never happen because of offshore speculators; it's all about people onshore having confidence in the signals th
After your shorts have been squeezed by an outside power that can’t be fought, you are most likely not to want to enter the fray again. Trust me.