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06.01 - 17:39
Hedge funds have often shorted Hong Kong’s dollar peg but nobody’s hit the jackpot yet
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When Bill Ackman revealed last month that he was betting the Hong Kong dollar’s peg to the greenback would break, he became the latest in a long line of speculators who have made similar wagers. Nobody has hit the jackpot.
Hedge funds have made bets against the longstanding currency peg going back to the Asian financial crisis. High-profile fund managers including Crispin Odey and Kyle Bass are among those who have previously taken positions that the peg couldn’t last. Ackman’s fund, Pershing Square Capital Management, even...
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