The yuan's depreciation had already caused investors to hedge yuan structured products estimated by Morgan Stanley at $150 billion before this weekend's widening of the trading band threatened even greater volatility.
Neither the record keeper nor the issuer would say who is covered by the massive policy. Dovi Frances, the adviser who arranged the policy, would only say it went to a well-known technology billionaire from California.
SHANGHAI (Reuters) - China is planning a major expansion of its transport networks and urban infrastructure as it seeks to increase migration from rural to urban areas, lifting incomes and demand to drive continued economic growth.
WASHINGTON, March 14, (Agencies): US consumer sentiment weakened in early March as an unusually harsh winter appeared to dim views on the economy's prospects.
Although the company is little-known in the U.S., it is expected to rank among the largest ever initial public offerings. Alibaba is reportedly expected to raise as much as $15 billion.