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China's sliding yuan could be next 'black swan event' for markets, hedge fund EDL says

EDL Capital, which manages about $1 billion, said factors weighing on the yuan include geopolitical tensions driving Western countries to re-home supply chains that will starve China of foreign investment. China’s labour market has also grown less competitive versus other Asian countries such as Vietnam and India, while a post-pandemic recovery has sputtered and foreign currency reserves “might be lower than what they are believed to be,” it said.

autotldr Bot , (edited )

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Click here to see the summaryLONDON, Aug 17 (Reuters - Hedge fund EDL Capital is betting on further falls for China’s offshore currency and says the yuan’s slide could be the next “black swan event” to rattle world markets, according to an investor presentation this month seen by Reuters. EDL Capital, which manages about $1 billion, said factors weighing on the yuan include geopolitical tensions driving Western countries to re-home supply chains that will starve China of foreign investment. China’s labour market has also grown less competitive versus other Asian countries such as Vietnam and India, while a post-pandemic recovery has sputtered and foreign currency reserves “might be lower than what they are believed to be,” it said. A way to do this would be via derivatives called options aimed at profiting at certain price levels on dollar strength against yuan weakness, said the presentation, without confirming if EDL is using this strategy. The hedge fund, run by star manager Edouard de Langlade, was up about 8% this year, said the presentation. Trades on mining, short positions in U.S. equities and bullish bets on Chinese stocks detracted from fund performance, the presentation showed. — Saved 46% of original text.

kent_eh ,

China’s labour market has also grown less competitive

AKA, their people are starting to get paid a bit better than other more easily exploited people in some other countries.

0x815 OP ,

their people are starting to get paid a bit better than other more easily exploited people in some other countries

That is hopefully the good part of the story, but a growing number of Chinese don’t find work at all, especially the youth. The government even refuses to release the unemployment data.

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