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There's More To Come - Offshore Yuan Signals Further Devaluation Tonight
Despite 2 significant interventions to stall what is likely an avalanche of wrong-way carry trade unwinds (or perhaps to stop the boat swinging to the other side too much), offshore Yuan has continued to depreciate since China closed and now implies another 1% devaluation is looming (having been up to a 2.6% discount earlier in the day).
PBOC intervened in CNY overnight...
But CNH remains adamant that more devaluation is coming...
CNH nailed it overnight... will it be right again tonight?
Charts: Bloomberg
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China has to stay competitive as the manufacturing center of the world. As the crooked and corrupt Fed destroys the Dollar with QE ad infinitum, China has to keep up.
https://biblicisminstitute.wordpress.com/2014/08/24/the-corrupt-federal-...
3rd time is the charm.
China JUST doesn't get it.
Tsk tsk - this will not end well.
https://www.youtube.com/watch?v=DM64Y8ndyG4
The problem with Chinese devaluations is that you're hungry for another one a few hours later.
lol...bidumpa!
Man my bass player hates it when I do that.
It's so worth the looks.
I beg your pardon.
So who are the real bad guys my Chinese friends, the unpatriotic short sellers or the unpatriotic statists who devalue your labor every single day?
And no, it's not a trick question ;-)
I hope they devalue everyday just like Ben Qe d everyday for three fucking years
And once again, it is profitable to discern where the inflation is being exported.
OMG the Tribe has taken over China!
It almost like they want to start floating the Yuan without a peg but starting out at the lowest point possible or something. You don't let us in SDR OK watch this.
These Chinese should just tell the fucking truth, but that would be too much like our Dear Leader in the District of Criminals. Oh! I forgot, he's at Mah-thaz Vin-Yurd for the next week or so. Anyhow, I strongly agree with Bill Holter's posting on JSMineset that we've given the Chinese ample reason to unleash economic chutzpah, including disclosing the actual amounts of Au they possess.
This is it...this gigantic behemoth is coming down! If the markets survive 2015 I'll..I'll......I am.actually.not really sure what I'll do but a day doesn't go by without some major incident hitting the markets.now. I will keep my good and silver and cash..
More port accidents to come too?.
Bill Holter posted a well-done piece on JSMineset covering China's potential motivations.
We could well have a valid explanation for why China grossly understated gold holdings, for now, and why the devaluations all of a sudden?
Rumour is that some (not all) very powerful voices in the top policy junta want the devaluation to be 10%.
We shall see.
So when is that Fed rate hike coming?
So it's O.K. for the U.S. Japan.the E.U. to devalue their currencies, but not CHINA? JOHNLGALT
yuan devaluation clears the way for Fed to raise rates...
The S.D.R's or special drawing rights were around in the 1960's. The Monetary Sin Of The West by Jacques Reuff was very good at explaining the so-called gold exchange system. Reuff was De Gaulle's mentor. JOHNLGALT
SHOULD HAVE BEEN RUEFF Sorry about that
off shore yuan is scared of Caymanista sharks so it has to shrink. So many tiger sharks swimming looking for hammer headed chinks who don't know how to wink at Jaws.
On shore yuan keeps exploding as too many children's chemical sets that don't know how to stop dripping their acid like they were mommy's menstrual cycle. Trump is convinced Yuans are chinese versions of Megyn Kelly.
Yuan devals are like yawns they tend to be recurrent, as China is a place where you need to yawn ofter as you're dead beat but you only yawn when you have your mask off, aka when you know you won't swallow coal farted smog when you open your mouth.
The only loser in this game is a commodity pawn who thought she /he was porn queen/king.
When you don't get poked every three seconds you know you don't deserve the crown in "Swipe a fuck buddy on Tinder" tinsel town's commodity desk.