It may seem like a strange time for hedge fund manager Kyle Bass to exit his short bet against the offshore yuan – just as the trade looks to have a chance of becoming seriously profitable. The Hayman Capital Manager founder no longer has a vested interest in China’s currency, he told Bloomberg Television in the U.S. in an interview Tuesday. In July 2015, the offshore yuan was trading at around 6.2 per dollar; it was at 6.7 in April, a depreciation of about 7.5 percent. Put simply, it’s getting tougher to bet against the yuan offshore. There are other, subtler ways for yuan bears to act on their convictions.

Source: Washington Post May 15, 2019 05:15 UTC