Cash demand jumping to the highest level since 2016. HongKong
The currency’s three-month forward points surged to as high as 70 Monday, surpassing the intraday peak of 46.09 seen in mid-August. It shows the supply of cash in the foreign-exchange market is expected to tighten, which tends to support the local dollar by squeezing shorts.
Cash supply of the offshore yuan also tightened, with the currency’s three-month forward points soaring to the highest in two months Monday. Trading has become less active, resulting in limited liquidity, as several financial institutions have sent their staff home amid the protests, according to three traders who asked not to be named.
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