Kai Xing's  Instablog

Kai Xing
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Director of Shrewd Capital Limited, a private equity management company in China.
  • CNY appreciation coming soon 0 comments
    Nov 3, 2009 7:24 PM

    Chinese banks have been steadily convert their USD holdings into CNY over the last few months. Between April and September, a total of USD65 bio were converted by the Chinese banks.

    The last time this scale of convertion was seen was in early 2007 right before CNY's controlled appreciation by the Chinese government. CNY appreciated over 20% against USD over a period of one year until financial crisis hit everyone.

    Chinese banks have entangled relationship with the government, and have better insider view of what is coming from policy point of view. 

    CNY will appreciate soon.

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