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Cerno's Spence: why China's currency was bound to fall

The renminbi, which earlier today was devalued by the Chinese authorities, was bound to fall due to economic weakness, said James Spence, managing director of Cerno Capital in a video interview with David Sandham.
Spence (pictured) had about 5% of his TM Cerno Select fund in a short position against the renminbi, and so has profited from the fall.

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