Hugh Hendry: We’re Going To Be In A ‘Mad Max’ World If China Listens To The Hedge Funds by Business Insider
Global macro hedge fund manager Hugh Hendry, who was once a famous China bear, says the world would be “over” if China devalued its currency by 20%.
“Tomorrow, we wake up — I mean, I would jump out the hotel window if this was the scenario — but we wake up and China has devalued 20%. The world is over. The world is over,” Hendry told Raoul Pal in an hour-long interview with Real Vision Television, a subscription financial video service.
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Pal, a former GLG fund manager and author of the Global Macro Investor newsletter, disagrees with Hendry. So do numerous well-known hedge fund managers who are betting against China’s currency, the yuan.
The yuan depreciation has become a consensus trade among hedge funds, according to Bank of America Merrill Lynch’s Global Fund Manager survey released at the beginning of the year. It has been a challenging trade so far, however, as the People’s Bank of China has been fighting back against the hedge funds in an effort to slow the depreciation of the currency.
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Hugh Hendry: We’re Going To Be In A ‘Mad Max’ World If China Listens To The Hedge Funds