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China bear loses his shorts betting against the yuan

Hedge fund manager Mark Hart says his US$240 million loss was the result of believing that China's leaders would find it in the country's best interest to let the yuan slide

The yuan ended a three-year slide in late December and has rallied more than 6 per cent in 2017. It's now trading at the strongest level in more than a year versus the greenback.

New York

MARK Hart spent seven years and US$240 million waiting on a crash in China's currency. He lost sleep. He lost clients. He damn near lost his sanity. And now he's lost his conviction: Mr Hart, who called for a more than 50 per cent yuan devaluation last year, has turned bullish on...