Note: According to Chinese language in PRC:
(a) 期权 = option
(b) 名义本金额 = notional amount https://en.wikipedia.org/wiki/Notional_amount
(or notional principal amount or notional value)
However, I did a brief online research and still do not know what the term means -- much less the significance of "飙升至4430亿美元."
(c) The original:
Lonely Yuan Bulls Say the Hedge Fund Crowd Has It All Wrong. Bloomberg BusinessWeek, Feb 4, 2016 (blog) www.bloomberg.com/news/articles/ ... is-getting-it-wrong
("Thirty-nine of 45 strategists tracked by Bloomberg say the currency will drop against the dollar by year-end, while bearish option bets have swelled to a notional $443 billion as hedge fund managers from Bill Ackman to Crispin Odey positioned for declines. China’s record levels of debt, slowing economic growth and accelerating capital outflows make a compelling case for pessimism. Yet not everyone is jumping on the bearish bandwagon") 作者: choi 时间: 2-11-2016 10:49 本帖最后由 choi 于 2-11-2016 11:12 编辑
"Bass, whose Hayman Capital Management LP has a multibillion-dollar bet that the yuan and Hong Kong dollar will fall, told clients in a letter that his firm estimates that China’s liquid foreign reserves are $2.2 trillion at most.
"China’s reserve holdings include US securities—government bonds, agency debt [eg, Freddie Mac] and stocks—that totaled $1.76 trillion as of last October. China also held about $100 billion in bonds in Japan and $60 billion in German securities, according to Goldman Sachs Group Inc. Beyond that it isn’t clear whether China’s total includes capital injected into China’s policy banks, foreign-currency loans to other countries and its commitments for multilateral initiatives, such as the Asian Infrastructure Investment Bank. It also isn’t known whether China’s sovereign-wealth fund, China Investment Corp, is counted.
Note: I read English-language reports. What Mr Bass writes is not "10多年" but "10年" ten years. The $3 trillion" figure was 10 years ago. The "500%" is correct. See, eg,
Leslie Shaffer, Bass: China Banks May Lose 5 times US banks' Subprime Losses in Credit Crisis. CNBC, Feb 10, 2016 www.cnbc.com/2016/02/10/kyle-bas ... -credit-crisis.html
("China's banking system has grown to $34.5 trillion in assets over the past 10 years, from a base of $3 trillion, wrote Bass, who is famed as one of the few major investors to correctly call the U.S. subprime housing collapse that kicked off the 2008 global financial crisis. That prescience earned him a mention in Michael Lewis' book "Boomerang," which was about the European credit crisis")