China's Use of Derivatives to Hide Capital Flight Comes Unglued; Reserves Fall by Record Amount; "Worthless" Certificates of Confiscation
MishTalk
JANUARY 7, 2016
In this case, China’s large state banks borrowed dollars in the swap market, sold the U.S. currency in the cash spot market and used forward contracts with the central bank to hedge those positions. " May 22, 2008: 2008 Market Oracle : US Treasury Bonds Fast Becoming Certificates of Confiscation.
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