Offshore Yuan Tumbles As China Devalues Fix To Weakest Since June 2011

Tyler Durden's picture

On the heels of the collapse in China 'B' shares last night, and continued stress in money-markets, China weakened the the Yuan fix to its lowest since June 2011 tonight. This has sent offshore Yuan spiraling lower breaking above 6.5700 for the first time since the August devaluation's collapse. Chinese stocks are on the weaker side, extending losses, and we now await the money-markets to see if this stress is escalating.

PBOC fixes the Yuan at new June 2011 lows...

 

Sending offshore Yuan tumbling...

 

The devaluation implied in offshore Yuan is back to recent cycle wides...

 

Charts: Bloomberg

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nmewn's picture

Thomas Friedman just popped a boner.

nmewn's picture

Yeah, I heard about that. Sucks getting old(er). I think I've resigned myself to go out with a bang, on my terms. 

johngaltfla's picture

I know. I remember watching Motorhead back in the day with Judas Priest. Sucks getting old big time.

PT's picture

But ... but ... but ... IMPOSSIBLE!!!  I mean, if Lemmy can die, then perhaps, maybe ... Keith Richards is NOT indestructible either!!!

What kind of Satan-Spawn-GM-bio-weapons-grade-space-alien-voodoo-black-magic Cancer could possibly survive Lemmy's alcohol system anyway????  Call the cops!  The CIA!  The WHO!  The biological weapons experts, whoever they are!  This shit could be serious!

Let us now have one minute of sil- , I mean, raucous noise, thrash, speed metal in memory of Lemmy.  RIP.

Condolences to friends and family, he will be sorely missed.

Hitlery_4_Dictator's picture

Stupid nothing to see here, markets will continue to levitate 

Escrava Isaura's picture

 

 

With or without gravitation.

 

Ban KKiller's picture

Vietnam, and others, won't like this. Musical chairs continues. Good show, do I know the ending? 

Seasmoke's picture

Hmmm 2011. what was the price of Gold ???

Kaiser Sousa's picture

and sure enough back go Gold and Silver phony paper prices in asian trading...

http://www.livecharts.co.uk/MarketCharts/silver.php

http://www.livecharts.co.uk/MarketCharts/gold.php

strange...aint it............................................S          A          R       C

shitco.in's picture

Bitcoin about to pump again...

10mm's picture

Good thing about getting old. Just don't give a fuck. But you will survive a gun fight.

Herdee's picture

It means that 2016 will be the biggest year yet for the export of deflation.

BarnacleBill's picture

The decline of the Chinese currency is a wee bit overblown - at least at the moment. Here's a chart of several currencies' market values against the USD, showing the Yuan as falling only a little, over the past 12 months.

https://tinyurl.com/htsqsne

NDXTrader's picture

Well, no shit. The government sets the peg (not that the Yen isn't similar - they just don't announce it)

Bopper09's picture

Unpeg already for fuck sakes.

Dorothea Binz's picture

China is FULLY dependent upon cheap labor for decades to come. They aren't about to transform into a producer of quality goods, or a developer of new ideas. They will continue to battle low-wage havens like Vietnam, Indonesia, Bangladesh, India, and Sierra Leone. 

Forced Fed Said's picture

Did Gartman stop out of oil and gold yet?