Odey tips RMB drop, says short global stocks

Crispin Odey, founder of $11 billion hedge fund Odey Asset Management, predicts China is going to devalue the renminbi in the near future by more than its 3% devaluation in August. He is therefore shorting equities in developed and emerging markets because he believes China is exporting deflation and recession. “Be short,” he told AsianInvestor by telephone from London. “Don’t be long.” Odey’s argument is twofold. First, China’s transition from an economy based on government-led…