Chinese companies will face billions of dollars in losses from complex hedging products if the renminbi continues to weaken, analysts and investors have warned.
Mainland companies and global investors have bought hundreds of billions of dollars worth of structured products that benefit from renminbi appreciation over the past year, and now face growing pressure after the Chinese currency fell to its lowest level since July.
The way banks hedge these products could also provoke an even sharper decline in the value of the renminbi if a certain level is breached, according to analysts at Morgan Stanley.
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