Last year's wild swings in the foreign exchange markets appear to be prompting a strategic rethink of the role of currency as an asset class.
Although currency is now widely accepted as a legitimate asset class, it suffers from being a zero sum game, ie it has a market beta of zero, meaning there is no reason to believe investors as a whole should make money.
Industry proponents get around this by arguing that the infamous carry trade – the practise of borrowing in low-yielding currencies and buying higher-yielding ones – benefits from a risk premium akin to that of equity markets, and therefore can deliver long-term positive returns.
您已閱讀10%（640字），剩余90%（5517字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。