Yuan Short Sellers Squeezed by Soaring Hong Kong Funding Costs [Yahoo! Finance Canada]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The offshore yuan's overnight interbank interest rate in Hong Kong rose to 8.1% on Tuesday, the highest since June 2021. The 1-month rate also climbed to highest since April. Tighter cash conditions make it more expensive for traders to short the currency, effectively damping bearish bets. “The People's Bank of China may keep the overnight Hibor at over 4% for a longer time,” said Zhaopeng Xing, a strategist at Australia & New Zealand Banking Group. The central bank may want to prevent the yuan's slide toward 7.40 per dollar in the near term, he said. The PBOC has been using its daily reference rate, which limits moves in the onshore yuan to 2% on either side, to stem currency losses. However, expectations are growing that it will enlist other tools to manage the currency in the face of tariff threats from the US and a flailing economy. Local media outlet Yicai reported on Monday that the PBOC was planning to increase bill auctions in Hong Kong, a mov
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