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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 jan 2017Na 362 eerdere neerwaarts macro-gebeurtenissen bewoog Chinese yuan (CNY per USD) zich mediaan -0,1% over 5 sessies (42% hoger; middelste helft -0,4% tot +0,1%), en -0,2% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
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.
