For investors looking to allocate risk between developed and developing market fixed income - where and what is the risk?
A top emerging market bond manager bought Renminbi on Monday in order to sell Venezuela's currency. This, Citywire Global was told, was part of a 'risk-off' trade.
Further justification for the trade was that the renminbi was less volatile than the euro.
We want your call. Including all currencies except the dollar, is the renminbi a risk on or risk off trade?