Jan
10
London Hedge Fund Omni Sees 15% Yuan Drop, and More in a Crisis
By-
Omni says yuan could slump 34% in case of a credit crisis
-
Strategist says China can’t `fight economic fundamentals’
Omni Partners, the $965 million London hedge fund whose wagers against China helped it beat the industry last year, said the yuan may fall 15 percent in 2016, and even more if the nation has a credit crisis.
The currency, which tumbled to a five-year low last week, would have to drop to 7 or 7.5 a dollar to meaningfully reverse its appreciation and be commensurate with the depreciation of other slowing emerging markets, Chris Morrison, head of strategy of Omni’s macro fund, said in a telephone interview. The yuan slumped 1.4 percent last week to around 6.59 in Shanghai…
London Hedge Fund Omni Sees 15% Yuan Drop, and More in a Crisis
