Asian corporates have sold a significant quantity of options (to enhance returns) depressing implied
volatility
IF USDCNH starts to retrace higher, option sellers will short cover options they have
-ictl with permission cif Bitionttcrtt Emmy LP
KCP Capital Markets
Vinit Sahni I Nav Gupta I Vanshree Verma
Nav Gupta
Managing Director
Deutsche Bank AG. Male London
Deutsche Asset 8 Wealth Management
109108 Old &oad St Pinners Hall). EC2N 1EN London. United Kingdom
Tel.
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