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Kyle Bass, the hedge fund manager who’s been shorting Hong Kong’s currency, said the city faces a banking crisis in 2020, mirroring the struggles of Iceland and Ireland a decade ago.

“Attempts to undermine Hong Kong I’m afraid would have some pretty deleterious effects on the financial system more broadly and it’s hard to see any policy maker in the world thinking that’s a good thing to do anytime, but particularly now, during a pandemic.”

Kyle Bass is going for broke on a currency trade that has burned bearish speculators for more than three decades. Kyle Bass, Dallas-based founder of Hayman Capital Management is starting a bearish fund that will make all-or-nothing wagers on a collapse in Hong Kong’s currency peg.

Bass, a frequent China critic who has blasted Beijing for crushing pro-democracy demonstrations in Hong Kong…

Kyle Bass called the housing crash. The dollar peg is underpinned by about $440 billion of foreign-exchange reserves, which is more than two times the city’s money in circulation, according to Eddie Yue, chief executive of the Hong Kong Monetary Authority.Still, quirks in the derivatives market mean that even if you think Bass’s bet is a long shot, it’s not expensive to copy him. (Updates Hong Kong dollar price in the seventh paragraph.
And Bass is no stranger to Hong Kong’s financial system.

Kyle Bass Copycats Snap Up Bearish Hong Kong Dollar Options (Bloomberg) -- On the surface, Kyle Bass’s highly leveraged all-or-nothing bet on a collapse of the Hong Kong … Financial Secretary Paul Chan said last month that China’s central bank could provide American dollars should the U.S. impose sanctions on the territory.

Hedge fund manager Kyle Bass engages in wishful thinking that the peg will fall.

)More than half of those positions are betting on a slide to 7.85 -- the weakest the currency is technically allowed to trade.The city’s officials have repeatedly said they’re confident the peg will hold.

Now he's launching a new fund that will reportedly use 200-times leverage to bet on a Hong Kong currency collapse.
At the beginning of 2017, he set up his Hayman Hong Kong Opportunities Fund to trade in the city’s markets. We do believe, however, that Hong Kong will continue to play a key role as an international financial hub.“Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.Watch: Bill Winters, chief executive officer at Standard Chartered Plc, discusses the company’s loan loss provisions, the potential for worldwide job cuts, dividend and the challenges he’s facing from Hong Kong’s national security law imposed by China.Standard Chartered and HSBC both count Hong Kong as their largest market and are two of the three note-issuing banks in the city.“The Hong Kong peg is extremely well-supported with monetary reserves in Hong Kong,” Winters said in a Bloomberg Television interview Thursday.

A gauge of expected swings on Hong Kong dollar is near the lowest since 2018, reducing the cost of hedging.The Hong Kong dollar has been resilient throughout, trading Friday about 15 pips away from the strong end of its band at 7.7515 per greenback.Like us on Facebook to see similar stories(Bloomberg) -- On the surface, Kyle Bass’s highly leveraged all-or-nothing bet on a collapse of the Hong Kong dollar looks audacious.Please give an overall site rating:It all means traders can buy cheap protection against wild moves in the Hong Kong dollar, while at the same time positioning themselves to win big if the peg eventually breaks. “Relations between the U.S. and China remain highly charged, driven by both economic and political considerations,” Standard Chartered Chairman Jose Vinals said in its earnings statement on Thursday. The Dallas-based founder of Hayman Capital Management is starting a new fund that will make all-or-nothing wagers on a collapse in Hong Kong’s currency … “We do not expect an easy or quick resolution. A year ago, Hayman Capital Management’s Kyle Bass wrote about “the quiet panic in Hong Kong” and warned of an “impending crisis” in the region.