Betting Big Against the Renminbi
Tuesday, May 10, 2016
A big bet is going on in financial markets. Its main player is Kyle Bass, a Texas fund manager who had his big moment during the 2008 global crisis. At that time, Bass's prediction about the collapse of subprime mortgages was vindicated. This time, he is betting against the People's Republic of China.
Bass is convinced that the renminbi will fall apart. The Chinese economy cannot shoulder the bad debt gnawing at its banking sector. Not only that, Bass calculated that China's foreign reserves are not as big as the official numbers say. Bass has amassed billions of dollars for the sole purpose of investing against the renminbi.
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A big bet is going on in financial markets. Its main player is Kyle Bass, a Texas fund manager who had his big moment during the 2008 global crisis. At that time, Bass's prediction about the collapse of subprime mortgages was vindicated. This time, he is betting against the People's Republic of China.
Bass is convinced that the renminbi will fall apart. The Chinese economy cannot shoulder the bad debt gnawing at its banking sector. Not only that,
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