Bill Ackerman, founder of Panxing Square Capital, is a high-profile airport yuan

2022-11-24 23:16| Publisher: 7788| see: 560| comment: 0

abstract: Bill Ackerman, founder of Panxing Square Capital, who is a high-profile Hong Kong dollar, said that he had established "a large number of nominal short positions" against the Hong Kong dollar, and said that it was "just a matter of time" for the Hong Kong dollar to decouple from the US dollar. Billionaire hedge fund manager, Panxing Plaza Capital Management Company ...
Bill Ackerman, founder of Panxing Square Capital, is a high-profile airport yuan

Bill Ackerman, founder of Panxing Square Capital, is a high-profile airport yuan351 / author: / source:

The founder of Pershing Plaza Capital Management stated that he has established a "significant nominal short position" against the Hong Kong dollar and stated that the decoupling of the Hong Kong dollar from the US dollar is "just a matter of time".

Billionaire Hedge Fund Manager, Panxing Square Capital Management Company(Pershing Square Capital Management)Founder Bill Ackermann(Bill Ackman)He stated that he has established a "significant nominal short position" against the Hong Kong dollar and stated that the decoupling of the Hong Kong dollar from the US dollar is "just a matter of time".

An article released by Ackerman on Wednesday night in the United StatesTwitterIn the post, it was revealed that Panxing Plaza "holds bearishoptionHolding a large number of nominal short positions against the Hong Kong dollar ", if the Hong Kong dollar falls below the weak end of the narrow exchange range against the US dollar, these positions will receive returns.

He added, "The Hong Kong dollar's peg to the US dollar is no longer meaningful for Hong Kong, and decoupling is only a matter of time

Ackerman's high-profile role in Hong Kong dollar makes him one of the famous western fund managers who challenge the currency board in Hong Kong, including George Soros(George Soros)And Kyle Bass(Kyle Bass)。 Currency board40Since its implementation began years ago, it has been running successfully without interruption.

Please use the share button at the top or bottom of the article to share the link to the article. Copying the content of an article without permission to share with others is a violationFTThe terms and conditions of the Chinese website and the behavior of the copyright policy. Send email tolicensing@ftchinese.comTo purchase other rights. For more information, please visithttps://www.ftchinese.com/m/corp/copyright.html。

https://www.ftchinese.com/premium/001097982?exclusive

Both Soros and Bass were ultimately forced to give up their short positions. Although the decoupling of the Hong Kong dollar from the US dollar will have a destructive impact on global markets, analysts and investors have stated that given the Hong Kong Monetary Authority(Hong Kong Monetary Authority)Having sufficientforeign exchangeReserve, this situation is unlikely to occur.

Standard Chartered Bank(Standard Chartered)Liu Jianheng, Senior Economist for Greater China(Kelvin Lau)"I don't see any signs of pressure on the currency board," he said

Liu Jianheng said that although the Hong Kong dollar exchange rate repeatedly tested the weak end of the exchange range this year and forced the Hong Kong Monetary Authority to intervene many times, "this is part of the design of the currency board, and its operation is also very normal".

Before Ackerman disclosed his short position, the Hong Kong dollar had been weakening for a long time. in the past6For most of the month, the Hong Kong dollar has been hovering at the weak end of the exchange range, namely1USD exchange rate7.85Hong Kong dollars.

Analysts say that capital outflows are mainly driven by the interest rate difference between Hong Kong and the United States.

However, as Hong Kong's liquidity further tightens, its interest rates have recently risen to levels higher than those in the United States, which has helped boost the Hong Kong dollar. On Thursday in Asia, the exchange rate between the Hong Kong dollar and the US dollar was1USD exchange rate7.81About Hong Kong dollars.

Mizuho(Mizuho)Chief Asian Foreign Exchange Strategist Zhang Jiantai(Ken Cheung)The Hong Kong Monetary Authority has withdrawn a considerable amount of liquidity, and Hong Kong dollar interest rates have also risen significantly. That is why the Hong Kong dollar has rebounded

The currency board system in Hong Kong is managed by the Hong Kong Monetary Authority. When the outflow of funds causes the Hong Kong dollar exchange rate to fall to the weak end of the exchange range, the Hong Kong Monetary Authority has a responsibility to buy Hong Kong dollars and sell US dollars, reducing the funds available for short-term lending by banks.

This will ultimately push up interest rates, making Hong Kong dollar assets more attractive than US dollar assets, encouraging capital inflows, and thus pushing up the Hong Kong dollar exchange rate. When the Hong Kong dollar is too strong, the opposite operation is carried out.

Hong Kong Financial Secretary Chan Mo po(Paul Chan)This month, at a financial forum, he told attendees, "If you do Hong Kong dollars, you will definitely lose.

He added, "You can verify my statement with some American hedge fund managers who have repeatedly made mistakes on the Hong Kong dollar
"Small gifts, come to Huiyi to support me"
No one has offered a reward yet. Give me some support

Latest comments

Back to top