Lazard and Pimco profit from a short sale on the Hong Kong dollar

Rapidly rising interest rates in the United States have upended investments from tech stocks to cryptocurrencies. But one trade is enjoying a renaissance: shorting the Hong Kong dollar.

Lazard Asset Management, Fiduciary Management and Pimco held net short positions of $323 million, $110 million and $89 million in Hong Kong dollar forward foreign exchange contracts, according to data gathered from regulatory filings. in the United States (see Figure 1). Investors placed their short bets at prices ranging from HK$7.7567 to HK$7

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