It’s A “Clearly Artificial Regime”: No Love For The PBoC

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
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