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Chinese Yuan Strengthens As Industrial Profits Plunge By Most On Record
After 2 days of dramatic weakness in the Chinese currency, the Yuan is strengthening modestly at the open following the 8% plunge year-over-year in Chinese Industrial Profits. This is the biggest drop n profits since Bloomberg data began and points to accelerating weakness in China's economy - in the face of the very modest rise in GDP recently. Chinese stocks slipped from a small positive to a smal lnegative in the pre-open, down around 0.1%.
Worst drop in Chinese profits YoY...
and a modest strengthening in the Yuan for now...
Charts: Bloomberg
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joyflation around the corner
I think I have identified the source of world oil demand weakness.
me too -top1% with 50%+ wealth
But hold on to your hats folks, cause this currency war is JUST getting started!!
The Chinese are FUCKING idiots. They should be feeding dollars into this phony rally.
What are they thinking ? What makes these sawed off slant eyed ppl tick...
Chinese are putting it into bitcoin. Smart move when their fiat is dropping.
Good citizenism say nothing, especially "make me laugh".
next up IBM and massive layoffs..booming economies everywhere we look- greek's economy will boost the EU no really- think debt collection firms. - sad our MSM has orders to say happy happy good time.
We don need no stink'n profits. Just ask Obama and his ball lickers.
Since the yuan is pegged it has seen a lot of strenght lately. China is loving the death of the euro.
Politically, maybe. Economically, it's not good for them. They export a ton to the EU/Euro-area countries. Weakening Euro and strenghtening Yuan makes that tougher to do. Their imports FROM Europe will be cheaper, though.
Chino middle class expansion is creating a domestic consumer demand that will soon rival their Euro- export business much like domestic demand fueled our economic expansion for decades.
Europe versus China versus Russia versus Japan.
This ought to get interesting....
yet China's GDP growth still levitates above 7% somehow... those numbers are just as cooked as my noodley appendages!
But Australia and Perth are going to be just fine, iron ore prices will rebound, right? we are after all the lucky country.