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China Weakens Yuan For 9th Consecutive Day, Longest Streak Since 2008
In the first two weeks of August 2008 (just a month before Lehman imploded), as tensions built in US financial markets, China weakened the Yuan for 10 straight days. Tonight, China just extended its streak of weakening the Yuan fix to 9 days (for an aggregate 1.4% devaluation, the largest such drop outside of August's devaluation in history). This pushes the Yuan back to June 2011 levels.
Yuan fix at lowest since June 2011...
as CNYUSD has been in freefall since The IMF...
Why it "might" matter...
Now where have we seen that before...
And finally, this chart raised our eyebrows... as the now 'vicious' Petrodollar circle of death accelerates...
h/t Jeffrey Snider
Charts: Bloomberg
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All equity crashes have high correlations to major currency crashes. 1987 redux sometime within the next 365 days.
NO - Brainer
import that deflation, China
Bring It On !!!!!!!!!!!!!!!!1
Yup China. Things dont look to good.
They just round tripped Gold from 8AM to 8PM (the new China collapse time). Total waste of another 12 hours. Sure seems like China is getting everything they want lately.
Vice Public Security Minister Meng Qingfeng? Vice Public Security Minister Meng Qingfeng?!
Bueller?
Look for copper, steel, coal, and other commodity prices to tank even farther.
Silver will probably get kicked down initially, but boomerang as copper mining dies, taking the principal source of modern silver production off the shelf, putting demand pressure on a diminishing annual production supply.
As all currencies die so will the fucking chinese currency.
Here are some signs of a coming recession.
1. Investors in high-yield bonds are expecting to see their first negative return since the start of the credit crisis in 2008.
http://www.marketwatch.com/story/deteriorating-junk-bonds-flash-warning-signs-for-stocks-2015-12-07?dist=afterbell
2. Factory orders continue to drop
http://www.zerohedge.com/news/2015-10-02/us-factory-orders-flash-recession-warning-drop-yoy-10th-month-row
3. Default risk spikes
http://www.zerohedge.com/news/2015-10-02/us-financials-default-risk-spikes-2-year-high
4. M&A set record
http://michaelekelley.com/2015/05/29/mergers-and-acquisitions-set-record/
5. Iron ore prices tumble
http://www.marketwatch.com/story/iron-ore-prices-keep-crashing-adding-to-global-growth-fears-2015-11-30
6. Baltic dry shipping index tumbles
http://www.marketwatch.com/story/shipping-index-falls-to-all-time-low-stoking-fears-about-global-growth-2015-11-19
Here is how to prepare.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
Here is how to get your mind off this stuff.
http://michaelekelley.com/category/humor/
Good luck!
Just wait until FRYday.
That is all
I'm waiting to buy some laptops, until next week. i7-s
I'm sitting in cash waiting for Goldman Sachs to slaughter the muppets.
Nothing has blown up yet, WTH?
Corporate Bond Default
Puerto Rico
Kredit Anstalt
The article is total BS. China is depegging from the dollar and is using 13 other currencies plus the SDR to price the yuan. China in the very near future will add 40 other currencies to the basket which will be determined by the BIS. The yuan actually has appreciated against the basket they are using. The world is moving away from the dollar and it will be replaced by the SDR to settle international trade. The SDR will be manged thru the BIS. China will use the SDR when dealing with western countries and use their currency swap agreements when dealing with the BRICS. This site has become total BS! Like the article stating that the IMF forgave Ukraine's debt to Russia. Total BS! The Board of the IMF realeased a statement today stating that Ukraine debt is in fact a sovereign debt.
For more on the change from a unipolar world to a multipolar one and to understand what the IMF is really doing with the dollar being replaced by the SDR, go to: http://philosophyofmetrics.com/2014/11/11/renminbi-%E4%BA%BA%E6%B0%91%E5...