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Thanks to the circus clown in the White House and the curious inability of the Chinese to adequately game plan for it, Kyle Bass’ long, quixotic battle against the yuan is finally paying dividends. It’s down about 10% on the dollar in the three years since he opened his short, including 2.5% this month alone, and will drop another 30% once President Trump well and truly lands one of his trade war crossbow shots into the thin, vulnerable membrane of the Chinese credit bubble, Bass insists.

But in spite of his continued day job as a hedge fund manager, Kyle Bass is no longer worried about such mundane, if lucrative, things. His crusade against the Chinese is just that, a crusade, and if he must fight alongside such unsavory characters as the President and Steve Bannon to win the Great Patriotic Economic War, so be it. And for the sake of the purity of that war, he’s graciously decided not to profit from it.

“I don’t have a vested interest in China’s currency anymore,” the Dallas-based hedge fund manager told Bloomberg Television in an interview Tuesday. “I think this is such an important moment in time for U.S. national security that all the work that I’ve done over the last seven years is moving more into the political sphere than the financial sphere….”

Bass and former Trump adviser Stephen Bannon last month called on Trump to walk away from trade talks with Beijing to achieve better terms later. They were among speakers at a conference in Manhattan.

“China is in a really bad place today, running out of dollars flowing in their economy” and on “the biggest credit binge in world history,” Bass said at the time.

Kyle Bass Exits Yuan Short Bet Just as Trade War Really Heats Up [Bloomberg]


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