Friday, 28 April 2017
Last updated 18 hours ago
Apr 9 2014 | 9:34am ET
CQS head Michael Hintze says shorting the Australian dollar last year was an act of patriotism.
“There is no question the RBA [Reserve Bank of Australia] made it clear that it was in the best interest of the Australian economy for the currency to be lower,” Hintze, who sits on a panel advising Australia's Financial System Inquiry, told The Australian Financial Review.
“So at that stage you do your patriotic duty and try to help. That’s tongue in cheek but it was a fair trade,” said Hintze, who shorted the Australian dollar when it was trading at around 94 cents.
Although the dollar is back around the 93 cent mark currently, Hintze has closed his bet:
“If you are short you might be worried about China’s ability to keep consuming goods at the same pace. I think the RBA remains concerned about the currency but equally, they are also worried about issues such as inflation.”
London-based Hintze was born in China, the grandson of White Russians, and later studied physics and math at the University of Sydney.
CQS, with about $12 billion in assets, is a global multi-strategy firm.