China warning to Soros: don't mess with us

The onshore yuan is the currency controlled by the Chinese Government, and the offshore yuan is a free float of Chinese currency, hence the spread between the two is a source of great amount of volatility that affects commerce flows and currencies. A well connected source to People's Bank of China issued a stern warning to the speculators who short the yuan: Invest in the future of China or suffer steep losses shorting the yuan. The central bank recently went in the offshore yuan market and bought billions worth of yuan, a move that shot the Hong Kong interest bank rate from 4% to 68%, crushing the yuan shorts. It is not clear if US treasury or the Fed are participating on the short side of the yuan, but judging by today's DJI market drop someone screamed from the bottom of their lungs in horror.

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