How frustrating. Two markets for the same asset – the renminbi – have produced a classic arbitrage, but only a handful of companies can take advantage of it. The dollar is worth Rmb6.398 in the onshore, tightly controlled market. In Hong Kong’s fast-growing offshore centre, it has spiked to Rmb6.457. The spread between the two rates has narrowed slightly from a record last week of 1.9 per cent but at 0.9 per cent, it is well above its 0.3 per cent average for this year.
真是让人郁闷。同一种资产(人民币)的两个市场涌现了经典的套利机会,但只有寥寥数家公司能够利用这种机会。在受到严格管控的在岸市场,1美元兑6.398元人民币。而在香港这个快速增长的离岸中心,1美元能换到6.457元人民币。这两种汇率之间的利差,已从上周1.9%的创纪录水平略有收窄,但仍达到0.9%,远高于今年0.3%的平均值。
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