US Secretary of State-designate Rex Tillerson made several combative statements in his Senate confirmation hearings on Wednesday evening about the incoming administration’s determination to deny China’s occupation and militarization of outcrops and atolls in the South China Sea. “We’re going to have to send China a clear signal that, first, the island-building stops,” he told the senators. “And second, your access to those islands also is not going to be allowed.”

Taiwan dollar implied volatility — the market’s prediction of the future variance in the price — blew out immediately and left realized volatility — the actual variance — in the dust.

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