Investors are bracing themselves for sharp swings in China’s renminbi in the immediate wake of the US election, with a measure of hedging activity soaring to its highest level on record.
Implied overnight volatility for the renminbi’s offshore exchange rate against the dollar jumped to a record level of more than 24 per cent on Tuesday, reflecting moves by traders to protect against or speculate on a win by either candidate throwing China’s currency for a loop.
“It’s a pure reflection of uncertainty for the election, and for the following week if the results remain unclear,” said Mansoor Mohi-uddin, chief economist at Bank of Singapore.
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