MSIM retools renminbi options wager

- By Ben St Clair and Joe Parsons
- 21 Jul 2026

Morgan Stanley Investment Management’s (MSIM) long-running Chinese renminbi foreign exchange options strategy would have paid out just once since 2020 at a cost of nearly $650 million in premium, according to FX Markets research. Now, the fund manager has revised its approach and is building up notionals based on closer-to-the-money strikes.

Regulatory filings show the US fund manager’s holdings of US dollar/offshore renminbi (CNH) calls, spanning eight of its own funds and three that it sub

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