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The USD/CNY one-month 25 delta risk reversals (CNY1MRR) traded at -0.10 in favor of USD/CNY put options yesterday – the level not seen since Aug. 29.

The negative print indicates the implied volatility premium (or demand) for the out of the money put options is higher than that for the out of the money calls (bullish bets).

Simply put, investors are likely hedging (buying protection) against long USD/CNY positions.