Ackman’s Big Hong Kong Short Comes at a Bad Time for Bears

(Bloomberg) — Bill Ackman’s revelation that he’s betting big on a collapse of Hong Kong’s pegged dollar will come across as contrarian to some in the market and mistimed to others.

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The city’s multiple interventions to prop up its currency since May have made shorting it unprofitable, sending interbank rates higher than their US equivalents, chilling a once-popular carry trade. That’s helped the local dollar roar back toward the middle of its tight trading…

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