Bloomberg (gated) carry the report on exposures of Chinase state-owned banks.In summary:State run Chinese banks have used FX swaps to prop up the yuanBloomberg cites estimates that the banks have built short positions in the USD of over USD100bnWhich has created "virtually risk-free returns of about 6% as recently as July for traders who took the other side" ... since July, of course, those profits have moderated as the yuan strengthenedBloomberg add on the shifting of risks:It’s the latest side effect of China’s shifting approach to currency management, following a botched devaluation in 2015 that led authorities to burn through $650 billion of foreign-exchange reserves trying to stop the y
Hence then, the article about chinese banks used swaps to build short positions in the dollar of around us 100 billion was published today ( ) and is available onforex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( Chinese banks used swaps to build short positions in the dollar of around US$100 billion )