Hedge Fund’s Decade-Long Wait for China Yuan Crash Nears Payday

The argument is looking timely. China’s housing market is faltering, threatening to saddle banks with mountains of non-performing loans. Meanwhile, Beijing’s draconian zero-Covid policies have led to rolling lockdowns that are putting China on track for of one of its slowest-growth periods in modern history. In the second quarter, China’s economy shrank by 2.6% compared with the previous three months, marking the first contraction since early 2020 at the outset of the pandemic.

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