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Overnight offshore yuan funding rates in Hong Kong surged to record highs above 80 percent, which traders believe was orchestrated by Chinese authorities. The spike made it prohibitively expensive to borrow yuan for short-selling.
The move hit bearish yuan positions.
Higher offshore yuan funding costs squeezed speculators betting on a weaker yuan, which can influence the USD/CNY rate that shapes China's import purchasing power for feed ingredients.
reuters.com15 ene 2017Tras 362 eventos bajista de macro pasados, Yuan chino (CNY por USD) se movió una mediana de -0,1 % en 5 sesiones (42% al alza; mitad central entre -0,4 % y +0,1 %), y -0,2 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Record offshore overnight funding rates above 80% made shorting the yuan prohibitively expensive, forcing short covering and pushing USD/CNY lower.
Record offshore funding rates above 80% made yuan shorting prohibitively expensive, squeezing bears and supporting the yuan around this period.
