China Hits Yuan Bears By Sending Overnight Rates To 80%

Yuan Bears China is once again trying to crush those speculators who are attempting to short the yuan. Repeating a similar tactic used last year, last night the offshore yuan deposit rate exploded 31.5% higher to 45% freezing interbank liquidity and crushing yuan shorts by forcing short holding costs through the roof. SocGen: Here’s Why China’s 6.5% Growth Is Unsustainable China Introduces Yet Another Round Of Capital Control Measures The Big Short 2: Hedge Funds Bet Billions On China’s Fall If any shorts managed to weather this storm, they were hit again later on in the trading day although this…