Join institutional investors, analysts and strategists from the world's largest banks: Subscribe today
Already have an account? log in
Asleep At The Wheel: U.S. Shorts Miss Big Trouble In Little China
Right, so the yuan traded like a safe haven this week.
We've established that. A high-yielding safe haven backed not only by a sizable trade surplus, but also by a central bank that at least for the time being, is still leaning in the direction of a stronger currency to deter capital flight as opposed to a weaker currency to buoy exports.
Is the yuan rally versus the dollar overdone? Probably. And Friday's weaker-than-expected fixing suggests the PBoC is well aware that July's export/import nu
Plunge protection has made any shorting guaranteed suicide on those exchanges.