AllianzGI Cuts Yuan Bet After Rally, Turns Neutral on Asia’s Best Performer
Updated
Updated · Bloomberg · Jun 16
AllianzGI Cuts Yuan Bet After Rally, Turns Neutral on Asia’s Best Performer
2 articles · Updated · Bloomberg · Jun 16
Summary
Allianz Global Investors cut some bullish yuan positions and shifted to a neutral stance about two weeks ago, locking in gains after the currency’s sharp advance.
The move followed a rally that made the yuan Asia’s best-performing currency this year, reducing the appeal of staying aggressively long.
AllianzGI oversees about 598 billion euros, or roughly $693 billion, giving the portfolio shift added weight as a signal on near-term yuan upside.