When bullish but prudent investors in Chinese shares wished to hedge their long positions this past spring, one popular way to do so in a market that made direct shorts difficult was to take bearish bets on Australia, which was one of the main beneficiaries of the boom in China. Now that the Chinese market has reversed course big time, shorting the Aussie dollar makes even more sense. Over the past year, the Aussie has fallen from more than US$0.90 to less than US$0.70, and probably still has further to fall.
今年春天,當樂觀但審慎的投資者希望對沖中國股票的多頭頭寸時,鑒于中國股市難以直接做空,一種流行的方式是做空澳大利亞,因為該國是中國經濟繁榮的主要受益者之一。如今,既然中國股市已發生徹底逆轉,人們更有理由去做空澳元。過去一年,澳元兌美元匯率已從逾90美分兌1澳元跌至不到70美分兌1澳元,而且很可能還會進一步下跌。