Goldman Sachs Asset Management has been betting against the Chinese currency as a slowdown in the world’s second-largest economy spurs capital outflows.
“We’ve been short the yuan for several months,” Yacov Arnopolin, who helps oversee about $39 billion in emerging-market debt as a managing director at Goldman Sachs Asset, said in a March 16 interview in New York. “It’s certainly difficult to continue the strengthening trend in the face of the slowing economy. It’s a challenging time.”
The yuan has fallen 0.5 percent against the greenback this year, following a 2.4 percent drop in 2014 that was the first annual decline in five years. Premier Li Keqiang has set China’s 2015 economic growth target at 7 percent, the least in more than 15 years.
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