Total Derivatives: Swap trade opportunity from RMB devaluation fallout

Since adjusting its currency fixing process on Tuesday, the People's Bank of China (PBoC) has overseen the biggest two-day depreciation in the yuan in more than two decades. HSBC has described the CNY swap market sell-off as counterintuitive — and sees current elevated rate levels as an opportunity, writes Maia Ririnui of Total Derivatives.