- The lives of a billion people are at stake but this is of no concern to the hedge funds as they chase their filthy lucre, profits $$$. I am not saying I am in agreement with the PBOC but is this a moral way of making money? When the Yuan collapses what do you think will happen to the savings of the Chinese people? This is a war between the Illuminist western money powers and China.
- Hedge Funds Fight The PBOC: There Can Be Only Yuan
by Tyler Durden, www.zerohedge.com
With every Tom, Dick, and Harry hedge fund manager now taking on The People’s Bank of China (in various ways), it is no surprise that the spread between offshore Yuan and onshore Yuan blew out to its widest in 3 weeks this morning.
They are not getting it all their way for now though.
Just as the last time the spread was this wide, The PBOC stepped in, so as we noted this morning, there was a clear and present short-squeezing danger in Yuan as The PBOC clearly intervened to snap the spread 450 pips tighter. As China opens tonight, selling pressure however is back on the Yuan… The intervention is pretty clear…