A spot of bother


High levels of global market volatility in September 2011 hit most Asian currencies as investors sought the safe haven of the US dollar. But one emerging currency, offshore renminbi (CNH), caused particular problems for investors that had been betting on its continued appreciation.
Between January and September 2011 investors sought to profit from the spread between the new CNH deliverable forwards market and the decade-old USD/CNY non-deliverable forwards (NDF) market.

Short-dollar, long-CNH for

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