Yuan Bears
China is once again trying to crush those speculators who are attempting to short the yuan.
Repeating a similar tactic used last year, last night the offshore yuan deposit rate exploded 31.5% higher to 45% freezing interbank liquidity and crushing yuan shorts by forcing short holding costs through the roof.
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If any shorts managed to weather this storm, they were hit again later on in the trading day although this time the shock was twice as worse. Before China’s trading day came to a close, the offshore interbank...
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