Hoax hedges

Asia Risk FX Review & Outlook 2009 - Corporates

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Currency volatility in the third quarter of the year is causing problems for a range of corporates in Asia. But some parties have suffered substantial losses from so-called currency 'hedges' far larger than their underlying exposures. The most prominent case to date is that of Citic Pacific. The Hong Kong-listed conglomerate says it is facing potential losses of nearly $2 billion - an amount equal to about one-quarter of its net assets - when it issued a profit warning in mid-October related to

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